July 2021 Newsletter

Please click on the following link to view our monthly accounting/tax newsletter for

July – 2021

We would like to highlight the following articles in this month’s newsletter:-

Temporary COVID Disaster Payment now available

The Federal Government has announced a temporary COVID Disaster Payment to assist workers who reside or work in a Commonwealth declared hotspot, who are unable to attend work and earn an income as a result of state-imposed health restrictions.

You must meet all of the following conditions:

  • be an Australian resident, permanent resident or eligible working visa holder;
  • live or work in a Commonwealth declared hotspot;
  • be unable to work and earn income as a result of a state lockdown for more than 7 days;
  • have liquid assets of $10,000 or less;
  • have exhausted any leave entitlements (other than annual leave); and
  • are not already receiving income support payments, business support payments, or the Pandemic Leave Disaster Payment.

How much you receive depends on your situation:-

  • If you lost less than 20 hours work, you’ll get $325 for each recognised event; and
  • If you lost 20 hours or more of work, you’ll get $500 for each recognised event

To claim you need a myGov account linked to a Centrelink online account. 

Cryptocurrency trading: new ATO data-matching program

Over 600,000 Australian taxpayers have invested in crypto-assets in recent years. The ATO has recently issued a reminder that although many people may believe that gains made through cryptocurrency trading are tax-free, or only taxable when the holdings are cashed back into “real” Australian dollars, this is not the case – capital gains tax (CGT) does apply to crypto-asset gains or losses.

While it may appear that cryptocurrencies operate in an anonymous digital world, the ATO does closely track where these assets interact with the “real” financial world through data from banks, financial institutions and cryptocurrency online exchanges. Alongside these communications, the ATO is beginning a new data-matching program focused on crypto-asset transactions. It will acquire account identification and transaction data from cryptocurrency designated service providers.

Please do not hesitate to contact us if you have any queries in relation to your tax and accounting matters.