Newsletter

GIVING A GIFT OR DONATION IN CRYPTO

When you gift or donate crypto assets, you are disposing of them. Therefore, donating crypto assets is a CGT event, similar to any other disposal of an asset.

You need to know the value of your crypto assets at the time you gift them to determine whether you make a capital gain or capital loss on the CGT event.

VALUING FUND ASSETS FOR YOUR SMSF ANNUAL RETURN

One of many responsibilities SMSF trustees have every income year is valuing your fund's assets at market value.

14 JULY 2023

• Payers must issue 2022-2023 PAYG Withholding payment summaries to payees (that is, employees and other workers).

You may be exempt from giving payment summaries and a payment summary annual report for the amounts you reported through Single Touch Payroll (STP).

The Australian Taxation Office (ATO) has published some key points to consider for 2023 income tax return preparation for individuals.