Duties and taxes when you buy online from overseas
Items that you buy over the internet from an overseas source are generally required to abide by the same rules and screening processes that apply to any other “import”. Also the usual duties or taxes should apply.
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SMSF commutation requests: How to get the green light from the ATO
The ATO has issued guidance on its approach to commutation requests, which is an essential piece of information for SMSF trustees because it explains which commutation requests will not be subject to an ATO review.
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Bitcoin: Its place in your wallet or SMSF portfolio
While bitcoin may be the most well-known cryptocurrency, there are nearly 1,500 in existence. In its simplest form, a cryptocurrency is a “peer-to-peer electronic cash system”, which means that the currency is not in a physical form like cash but sits in an electronic register.
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Valuations and your SMSF
The days of a lax approach to valuations are over.While there is not always the need to employ a qualified independent valuer for each valuation, there are important circumstances where it is mandated, and others where it is recommended.Where one is not used then appropriate documentation needs to be kept of how valuations were determined.Back of the envelope or simply made-up valuations will not suffice.
Starting out in small business? You may be able to use simpler trading stock rules
If you are operating a small business and at the end of the income year you estimate that your trading stock’s value has not changed by more than $5,000, remember (especially if you are new to business) that you can choose not to conduct a formal stocktake. By making a decision to do this, you will not be required to account for the changes in the trading stock’s value.
Is your business prepared for Single Touch Payroll?
Single Touch Payroll is a government initiative to streamline business reporting obligations, which is due to become compulsory from 1 July 2018. When a business pays its employees, the payroll information will be sent to the ATO via the business’s payroll software.
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