Your Personal Information Could Be At Threat – Don’t Get Scammed

The ATO and the Australian Competition and Consumer Commission (ACCC) are warning taxpayers to watch out for scammers. ACCC Acting Chair Delia Rickard has warned that scammers would go to great lengths to scam taxpayers. Their methods include impersonating ATO representatives on the phone, sending fraudulent emails and even creating bogus websites.

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Cloud-based accounting software ‘is not the silver bullet’

Source: AFR Data security concerns that have impeded the uptake of internet-based accounting software are easing, according to new research by Wolters Kluwer subsidiary CCH. However, there is growing concern that the pendulum has swung too far, and poor-quality data captured in these software systems is being used to inform bad strategic decisions. 

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Bitcoins are Property Not Money, Says ATO

Bitcoin Image

The ATO recently released guidance about the application of various tax laws to Bitcoin transactions. The guidance was in the form of Draft Taxation Determinations TD 2014/D11 to TD 2014/D14, Draft GST Ruling GSTR 2014/D3, and a guidance paper. Australian Bitcoin businesses and users have been eagerly awaiting the ATO’s decision.

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