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Federal Budget 2018 - Overview
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4 components of our 2018 Federal Budget
Resources to help understand and implement Single Touch Payroll (STP)
New rules capture SMSFs trading big with cryptocurrency
New passive income test for lower corporate tax rate
Tools to help you manage your financial position are available on our site.
‘A simple mistake can attract our attention’: ATO reminder about FBT slips-ups
Australia by numbers – Update
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Meaningful tax reform in high demand
Working holidaymakers and tax returns
Single Touch Payroll – 1 April 2018 Action
Property investors on notice after ATO spots false claims
ATO issues update on cryptocurrency compliance traps
Australia's vital statistics
Accountants spy elder abuse spike as mortgage stress sets in
Tax office releases fresh guidance on SMSFs
Labor's tax plans could favour the rich, analysis shows
FBT Reminder – Odometer Reading
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‘Substantiation will be a key focus’: ATO drums in tax time 2018 hit list
Super changes: $1.6 million transfer balance cap and death benefit pensions
Payroll, compliance issues top dodgy practices in Aussie business
Employee travel expense deductions
The Goldilocks effect - Economic and market update 4Q 17
Tax assessments confirmed for undisclosed business income
Super returns on the up despite clients’ hesitation
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Caution advised on best interests duty with cryptocurrencies

While cryptocurrencies may not be considered financial products, authorised representatives and licensees are reminded related advice is not exempt from best interests duty.



       


 


Cryptocurrencies such as bitcoin and ethereum are becoming increasingly popular with accountants’ clients, and compliance consultants Assured Support is advising caution on best interests duty as the regulators increasingly circle.


“If you’re an adviser who doesn’t want to recommend cryptocurrencies but your client comes and asks you to include them in the portfolio, then you have a best interests duty to address that,” Assured Support principal Sean Graham told sister publication ifa.


“There are some advisers saying they can recommend it because it’s not a financial product, well, it may be in some circumstances and if you read the tea leaves, it’s going to be more highly regulated in the future,” he added.


You can read more about the implications for licensed advisers here.


The ATO has cryptocurrency in its sights. It is currently engaging in external consultation in a bid to monitor tax compliance and ensure general awareness of the associated tax obligations.


Accounting executives like HLB Mann Judd’s tax consulting partner Peter Bembrick expect regulation and surveillance monitoring to increase significantly.


This is particularly concerning for those who don’t understand that cryptocurrencies with characteristics similar to bitcoin are an asset for capital gains tax (CGT) purposes. The ATO issued confirmation of this last year.


Accountants with SMSF clients who are looking to invest in cryptocurrencies should also be certain the fund is permitted to hold it. You can read more about compliance do's and don’ts with superannuation here.


 



By: Killian Plastow and Katarina Taurian 
30 JANUARY 2018
accountantsdaily.com.au


 




20th-February-2018
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