2nd Quarter 2023

21 OCTOBER 2022

• Annual pay as you go (PAYG) instalment notice (Form N) – due date for payment. Lodgement is only required if you vary the instalment amount or use the rate method to calculate the instalment.

• September 2022 monthly activity statements - final date for lodgement and payment.

The Australian Taxation Office (ATO) has provided some brief guidance intended to assist taxpayers with correctly reporting income and losses from cryptocurrency transactions. The ATO reiterates its position that most cryptocurrency will be held on capital account, but it is always necessary to consider whether clients could potentially be taxed on revenue account.

The Australian Taxation Office (ATO) has indicated that it will once again be focusing on the reporting of rental income and deductions as this continues to be an area where mistakes are frequently made.

Capital gains tax (CGT) applies to gains you have made on the sale of capital assets (assets you make money from). Unless an exemption or reduction applies, or you can offset the tax against a capital loss, any gain you made on an asset is taxed at your marginal tax rate.