Is there anonymity in blockchain transactions? | Norton Rose Fulbright Podcast
Nothing could be further from the truth Many people in the crypto/NFT world have the mistaken belief that transactions involving crypto, NFT and blockchain are somehow anonymous. In fact, nothing could be further from the truth. With the right tools and knowledge, it is comparatively easy to track transactions on the blockchain – because it is public, permanent and immutable. In this podcast, Nick Abrahams, Global Leader of the Digital Transformation Practice for Norton Rose Fulbright talks with Mark Bailey and Joshua Ho from the HC Blockchain Advisory team at Hall Chadwick and discuss chasing down fraud in the crypto and NFT space. Listen to this podcast Key Contact Mark Bailey Director Valuations & Forensic Accounting [...]
Web3 Goes Mainstream Interviews with Mark Bailey & Josh Ho
Web3 Goes Mainstream Interviews with Mark Bailey & Josh Ho Many people in the crypto/NFT world have the mistaken belief that transactions involving crypto, NFT and blockchain are somehow anonymous. In fact nothing could be further from the truth, it is comparatively easy to track transactions on the blockchain – because it is public. We talk to Mark Bailey and Joshua Ho from the Crypto Forensics Team at Hall Chadwick as they tell us tales that make an episode of CSI seem boring. Their team spend their days chasing down fraud in the crypto and NFT space. The tasks include verifying assets, finding hidden wallets and tracking crypto transactions in the case of corporate fraud. Their services are also used [...]
SMSF MATTERS: Market values of assets within your fund
Since 2012, all of the assets held by an SMSF need to be in the accounts of the SMSF at market value at the end of each financial year. And with ATO increasing audit activity, trustees and auditors need to be on top of current market values. Obtaining a market value could arguably be the main cause of delayed accounts for SMSFs. With the end of year quickly approaching, all trustees need to be looking at determining the market value of their assets on the 30th of June. There are some assets are very easy and may not require any work from trustees. For example, if you own shares on the Australian Stock exchange, there is publicly available records to [...]
SMSF MATTERS: How might the contributions change impact you?
Certain changes to non-mandated contributions to super are coming. Now is a good time to review your contribution strategy. The government will introduce changes to non-mandated contributions for members under 75 and 75 years and over starting July 1 2022. Contributions in general terms There are minimum standards for accepting contributions into your self-managed super fund (SMSF), and the trust deed of your fund may have more rules. That said, contributions to a superannuation fund fall under the terms of either ‘mandated’ or ‘non-mandated. Mandated contributions are those made by an employer under law or industrial agreement and include super guarantee contributions (SGC). Non-mandated contributions are made by employers (over and above SGC) and members (or on behalf of members). [...]
Are you ready for July 1 changes to Super?
The amount employers pay and employees may additionally contribute to superannuation balances changes on July 1, 2022. Now is a good time to talk with your team, check their agreements and prepare your payroll systems. Recap Generally, superannuation contributions must be paid for: an employee aged 18 or over who earns $450 or more (before tax) per calendar month; and an employee under age 18 working over 30 hours per week. The changes From 1st July 2022 the $450 minimum no longer applies, ie superannuation is now payable regardless how little the employee earns in a month. The superannuation guarantee contribution rate will increase from 10% to 10.5%. The maximum amount an employer is required to pay superannuation based on [...]
A global regulatory framework for virtual currencies and exchanges
The G20 asked the OECD to develop the Crypto-Asset Reporting Framework (CARF) for the automatic exchange of information on crypto-assets with the intention to preserve international tax transparency initiatives. A public consultation process is underway, with policy-makers asked to consider the possible adoption of the new framework and its related design components. Key Points A new global tax transparency framework proposed by OECD for the collection and exchange of tax-relevant information between tax administrations. Common Reporting Standards (CRS) to enable automatic exchange of financial account information independently of traditional financial intermediaries. Due diligence procedures must be applied by those who provide services to exchange crypto-assets against other crypto-assets, or fiat currencies. This includes identifying customers and reporting their exchanges and [...]