Suite 8 / 260 Auburn Road, Hawthorn 3122
Phone: 03 9214 4100
Fax: 03 9818 6008
enquiries@trumpetfinancial.com.au
 
 
eWombat Search
  LATEST FINANCIAL NEWS
 
Hot Issues
Royal Commission report makes super fee recommendations
Four tips for boosting your super balance
New Year resolutions, New Year strategies
Part 4 - The major benefit of ‘behavioural coaching'
3 tips for weathering the market's bumpy ride
Common BDBN ‘pitfalls’ flagged in wake of ASIC action
Case law points to ‘growing importance’ of SMSF document chain
How Australia is performing.
Global outlook summary: Down but not out
Australia - a comprehensive run-down of our vital statistics.
Your guide to smarter holiday reading
Verifying asset values in a SMSF.
Admin, BDBN errors flagged for SMSFs this year
ATO targets non-arm's length income - NALI
Retiring in their 30s or 40s?
Ranking of the world's best: Taking it personally
The value of advice - Behavioural Coaching
Our Advent calendar for 2018
Compliance, tax advice in strongest demand from SMSFs
Stop!! Don't do a paper Budget, use our online budgeting tools instead.
Franking credit policy to dent retirement savings by 15 per cent
Information needed to be the BBQ expert.
Hungry for income? Choose carefully.
Retiree self-protection: A volatility-and-downturn 'bucket'
How financial advice helps create wealth.
Superannuation gender gap narrowing, research shows
Articles archive
Quarter 4 October - December 2018
Quarter 3 July - September 2018
Quarter 2 April - June 2018
Quarter 1 January - March 2018
Quarter 4 October - December 2017
Quarter 3 July - September 2017
Quarter 2 April - June 2017
Quarter 1 January - March 2017
Quarter 4 October - December 2016
Quarter 3 July - September 2016
Quarter 2 April - June 2016
Quarter 1 January - March 2016
Quarter 4 October - December 2015
Quarter 3 July - September 2015
Quarter 2 April - June 2015
Quarter 1 January - March 2015
Quarter 4 October - December 2014
Cryptocurrency audits tipped to increase this EOFY

Audit activities around cryptocurrency are set to spike this tax time as part of the ATO’s broader risk analysis in its black economy crackdown, says one mid-tier.



     



Speaking to Accountants Daily, HLB Mann Judd partner Peter Bembrick said the injection of $318.5 million to the ATO to tackle the black economy, as announced in the budget papers, would likely see a flow on effect to audits around cryptocurrency due to its surge in popularity over the past 12 months.


“It's a bit like the black economy or the cash economy – this could be another aspect of that and there may be certain taxpayers who are being targeted,” said Mr Bembrick.


“It has a reputation of being a black mark and a criminal element to it but it is now more mainstream and you're going to see people do legitimate transactions … and this could be part of a broader risk analysis by the ATO.”


New register requirements for digital currency exchange providers introduced last month are also a clear direction of the government’s broader plan to close out any tax loopholes related to cryptocurrency.


CPA Australia’s head of policy, Paul Drum, earlier predicted that accountants would have to watch out for an increase in audit activity as they start to deal with clients with cryptocurrency profits for the first time.


“There could be more money and more activity for audits of cryptocurrency traders and many accountants might be facing clients with cryptocurrency profits for the first time, so watch out for any activity because more money going into cryptocurrency audits translates into business advisory work,” said Mr Drum.


“[Many accountants] are not across cryptocurrency trading and the tax implications of that and many of them might have clients that are doing that but they are not even aware of it yet because it's only the last 12 months that cryptocurrency trading profits really came to the fore.”


However, Mr Bembrick believes the ATO needs to update its guidance to help give practitioners greater certainty as they head into tax time.


“I expect we'll hear a lot more from the ATO as we go on but it is interesting that at this stage all that's been talked about are guidelines that are a couple of years old,” he said.


“They've got people consulting and looking at it but they haven't come out with anything too detailed at this stage.


“These guidelines have been around for a while now but most people are only thinking and hearing about this now in the last six to 12 months.”




By: Jotham Lian
16 MAY 2018
www.accountantsdaily.com.au





19th-June-2018
Trumpet Financial Pty Ltd ABN 11 443 516 384 Corporate Authorised Representative (No 327756) of Aon Hewitt Financial Advice Limited AFSL 239183 ABN 13 091 225 642
Registered Address: Level 33  201 Kent Street, Sydney NSW 2000 | Sitemap | Disclaimer | Privacy Policy | About Aon Hewitt Positioning