Investors in cryptocurrency need to be aware of tax implications With all the excitement around cryptocurrency, it can be easy to forget about the taxation that comes along with it. Cryptocurrency (sometimes known as a virtual, digital, or electronic currency) is a digital asset which is traded and secured using cryptography. Bitcoin, the most widely recognized type of cryptocurrency,…
DetailsAustralian Tax Office (ATO) transparency regimes and initiatives part of commitment to combat international tax avoidance. They involve comprehensive exchanges of taxpayer information and the number of jurisdictions they now exchange information with is growing. The ATO works with the Organisation for Economic Co-operation and Development (OECD), Joint International Tax Shelter Information Centre (JITSIC) and overseas…
DetailsShort Report: The New Country by Country Reporting (CbCR) & Transfer Pricing Documentation Rules This report stems from Alliott Group’s International Tax Services Group meeting in Sydney, Australia where international tax advisors from across the world engaged in a roundtable discussion on Action 13 of the Base Erosion and Profit Shifting (BEPS) Action Plan. The…
DetailsInternational Tax Alert Vacancy Fee Introduced in Australia for Foreign Investors in Residential Property New rules in Australia have imposed an annual vacancy fee on foreign owners of residential real estate in situations where a property is not occupied or not genuinely available for rent for at least six months in a 12 month period. Australia’s Federal…
DetailsUK Chancellor Philip Hammond announced the Autumn Budget on 23 November 2017 6 Key points London member firm Alliotts referred to the Chancellor’s second budget of the year as ‘A Budget for Building the New Economy’ and drew attention to the Government’s commitment to further investment in technology, incentives for knowledge-based companies and funding for the development…
DetailsChanges will expand Australia’s GST base Australia’s Goods and Services Tax (GST)* rules on the import of goods into Australia will change 1 July 2018 as Australia continues to modernise its tax rules to make them more applicable to new business models being used in the digital economy. Australia’s GST rate is 10% and a business…
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Auckland’s Alliott NZ Chartered Accountants has been recognised as one of Chartered Accountants Australia and New Zealand’s (CAANZ) Top 30 accounting firms in New Zealand. A compilation of the country’s top accounting firms has shone a light on the contribution NZ accountants make to not only businesses, but their communities as well. Accounting firms in…
DetailsTRADE ministers on either side of the Tasman are questioning the legality of the Palaszczuk government’s proposed “Buy Queensland” procurement policy. QLD Premier Annastacia Palaszczuk says she is unrepentant about her Buy Queensland procurement policy after it caused a stir across the Tasman in New Zealand. A riled-up New Zealand Government extraordinarily slapped down the…
DetailsAustralian GST applies to international sales of services and digital products provided to Australian consumers. This means overseas businesses are required to pay goods and services tax (GST) on these sales from 1 July 2017.
DetailsOn 9 May 2017, Australia’s Federal Government announced substantial changes to the rate and threshold of its Foreign Resident Capital Gains Withholding (FRCGW) regime which has been in force since 1 July 2016. Alliott Group member firm BRH Lawyers in Brisbane explain the changes and what foreign residents purchasing property in Australia need to be alive to.
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