Crypto asset investments and tax
The ATO has updated its guide to assist taxpayers when they buy, sell or invest in crypto assets. The guide emphasises taxpayers to report the disposal of crypto, how to calculate CGT and to ensure they keep records. The ATO has also published the guide in Chinese, Spanish, Thai and Vietnamese.
Treasury releases consultation on two-pillar solution
Treasury has launched a public consultation to seek views from interested parties on how Australia can best engage with the two-pillar solutions, including the Pillar Two Model Rules and Commentary. Pillar One would reallocate some of the taxing rights on the largest and most profitable multinationals to the countries where the goods and services are consumed. Pillar Two of the proposed reforms seeks to put a floor on corporate taxes by establishing a global minimum corporate tax rate of 15 per cent.
Administrative responsibilities of a bankruptcy trustee
The ATO has updated its guide for trustees appointed under the Bankruptcy Act 1966. The guide outlines what bankruptcy trustees must do, explains how bankruptcy proposals work and the steps a trustee should take so remuneration and administration costs are fair, reasonable and commensurate.
