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Cryptocurrency taxation: Myth vs reality

Cryptocurrency is no longer confined to the fringe of organised crime and tech companies. Unless you have been living under a rock or off the grid to escape COVID, the age of ‘digital currency’ has well and truly arrived and is now being discussed by mainstream Australian investors.

Aggregated turnover to be calculated for an entity’s financial year even if group members use different balance date

The Australian Taxation Office (“ATO”) has issued draft taxation determination TD 2021/D1 (“draft TD”) which sets out its view that an entity must work out its aggregated turnover by reference to its income year. As such, the annual turnovers of any of the entity’s connected entities or affiliates (whether in Australia or a foreign country) must be calculated using the test entity’s income year even if the connected entity or affiliate has a different financial year end.

Increase in SMSF member numbers passes

Legislation increasing the maximum number of allowable members in new and existing self-managed superannuation funds and small APRA funds from 4 to 6 members has passed both Houses of Parliament without amendment and awaits Royal Assent. The changes are expected to commence from 1 July 2021, provided Royal Assent is received by 30 June 2021.

Unpacking the Junior Minerals Exploration Incentive (JMEI)

On 5 May 2021, the government announced the renewal of the Junior Mineral Exploration Incentive (JMEI), this was later confirmed in the federal budget papers. The JMEI allows Australian resident greenfields exploration companies to pass on credits to their shareholders for eligible exploration expenditure.

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