Tax inVoice

In the final episode of Tax inVoice, podcast host, David Jepsen is joined by ATO Tax Time spokesperson Assistant Commissioner, Tim Loh to talk about the tax treatment of crypto assets. They discuss when you need to declare income and capital gains or losses, why record keeping is so important and what you need to know about non-fungible tokens (NFTs). Tim advises what to do if donating crypto, what self-managed super fund trustees need to consider when investing in crypto and what businesses need to do before accepting and using digital assets.

For more information visit:

• Crypto asset investments
• GST and digital currency
• CGT events
• SMSF investing in crypto assets
• Tax time toolkit for investors

ATO Assistant Commissioner, Adam O’Grady, and Services Australia General Manager, Hank Jongen, join the podcast to talk about reporting your income correctly this tax time. Find out which government payments need to be included in your tax return and the difference between the Medicare levy and the Medicare levy surcharge. They will explain what you need to do to claim a Medicare levy exemption, and the importance of correctly reporting your spouse or partner’s income.

More information is available on the ATO and Services Australia websites:

• Income you must declare
• Government grants, payments and stimulus during COVID-19
• Tax time essentials
• Medicare and private health insurance
• Medicare Entitlement Statement from Services Australia
• What’s on your Centrelink payment summary
• What families need to do at tax time

ATO Director – Risk and Strategy Kendal Hawken, joins podcast host David Jepsen to talk about work-related deductions, including what you can claim this tax time, what records you need to keep and how to avoid common errors.

When preparing your tax return, it’s important to remember that what you can claim depends on the type of job you have, individual circumstances, and whether you have the required records to support the claim. Records are typically a receipt of a purchase or a form of written evidence such as a logbook, travel or working from home diary.

Using the myDeductions tool in the ATO app allows you to keep track of your records digitally. Understanding what you may be able to claim based on your individual circumstances can help you avoid common errors.

For more information visit:

• Deductions you can claim
• Occupation and industry specific guides
• Protective items, equipment and products
• Working from home expenses
• Home office expenses calculator
• Depreciation and capital allowances tool
• Records you need to keep

Helen Castle, a volunteer from the ATO’s Tax Help program joins Tax inVoice podcast host David Jepsen to talk about the program and how it can help Australians meet their tax obligations during tax time.

The Tax Help program is a free and confidential service open to people earning about $60,000 or less each year with simple tax affairs. It is designed to give people a helping hand during tax time, including those who have difficulty understanding and lodging their returns or have limited or no access to ATO online services, such as those living in remote locations.

From July to October, trained volunteers can help you lodge your return, claim a refund of franking credits, submit a non-lodgment advice or lodge an amendment. If you’re eligible for the Tax Help program, you can make an appointment for Tax Help services by phoning the ATO on 13 28 61 (select option 3, then option 2). You can speak to a Tax Help volunteer:

• online
• by phone
• in person at Tax Help centres across Australia

For more information visit:

• Tax Help program for information about eligibility and what to bring to your appointment
• Become a Tax Help volunteer or open a Tax Help centre
• Tax time essentials

The ATO’s Tax Time spokesperson Assistant Commissioner Tim Loh joins podcast host David Jepsen for another episode of Tax inVoice, to help taxpayers understand what they can and can’t claim relating to COVID-19. and the tax implications of COVID-19 Government support payments.

Over the course of the pandemic, the Government delivered multiple COVID-19 support payments, each with different tax requirements.

COVID-19 Disaster Payments, for instance, are non-taxable support payments and don’t need to be included in your tax return. Pandemic Leave Disaster Payments however are taxable and must be reported as income in your tax return.

COVID-19 work-related expenses and working from home expenses may change what deductions can be claimed in your tax return. Eligible deductions may include:

• electricity expenses for heating, cooling or lighting
• the decline in value of office furniture and items used for work 
• internet and phone expenses
• COVID-19 tests (if purchased for work related purposes)
• personal protective equipment (PPE) if required for work and not provided by your employer.

For more information visit:

• Support for individuals and employees
• Home office expenses calculator
• Government grants, payments and stimulus during COVID-19 – tax implications
• COVID-19 vaccination incentives and rewards for employees
• Working from home expenses
• Protective items, equipment and products 
• ATO podcast in your language

In this episode of Tax inVoice, host David Jepsen is joined by the ATO’s Tax Time spokesperson Assistant Commissioner Tim Loh to discuss the fundamentals of investing, for tax agents and investors – both old and new.  

When investing, it is important to consider all your assets when completing your tax return. Assets can include rental properties, shares, micro-investments like exchange traded funds (EFTs) and crypto assets. 

You need to declare the income you receive from investments such as dividends and rent, but also the capital gains tax (CGT) that occurs when the assets are ‘disposed’ of. CGT is not a separate tax and makes up part of your taxable income.

Keeping accurate records will assist you in completing your tax return.

For more information visit:

• ATO podcast - Tax inVoice
• Capital gains tax
• Tax time toolkit for investors
• Investments and assets
• Shares and similar investments
• ATO podcast in your language

In this episode of Tax inVoice, podcast host David Jepsen is joined by Assistant Commissioner of Small Business Experience Andrew Watson to discuss tips on starting a new business, what tax and super obligations need to be met and the helpful resources available to all business owners.

Your operations are considered a business activity if your work is planned, repeatedly conducted in a businesslike manner and undertaken with the intent of making a profit.

To start your new business on the right foot, make sure to do research and plan out your approach. This will assist in deciding on a business structure, what records need to be kept and the best method to meet your tax and super obligations.

The ATO has a number of resources available to assist new business owners and help them succeed in their new ventures.

For more information visit:

• ATO podcast - Tax inVoice[RH1]
• Starting your own business
• ATO podcast in your language

George Montanez, Assistant Commissioner of the Phoenix and Evasion Program, joins Tax inVoice podcast host David Jepsen to talk about illegal phoenix activity, how it affects the Australian community and what the ATO is doing to disrupt illegal phoenix operators.

Illegal phoenix activity occurs when a company is liquidated, wound up or abandoned to avoid paying its debts and tax obligations. In its place, a new company is started to carry on the same business activity without the debt.

This creates an uneven playing field and puts businesses doing the right thing at a competitive disadvantage.

Through the Phoenix Taskforce, the ATO and other federal, state and territory agencies are working together to detect, deter and disrupt illegal phoenix activity.

If you know of or suspect phoenixing, you can make an anonymous tip off by completing the tip-off form, phoning 1800 060 062 or by emailing [email protected].

For more information visit:

• Illegal phoenix activity
• Phoenix Taskforce
• Video: Protect your business from illegal phoenix activity
• Fact sheet: Protect yourself against illegal phoenix activity
• Making a tip off
• ATO podcast in your language

Deputy Commissioner Matt Hay, Assistant Director Shanell Gadd and former Evergreen Program participant Kia Yeatman join Tax InVoice podcast host David Jepsen to talk about the ATO’s Evergreen recruitment program.

The Evergreen program focuses on uplifting representation of Aboriginal and/or Torres Strait Islander peoples in the ATO. It combines on-the-job and formal training over a 12-month period, including two 6-month work rotations that give participants the opportunity to work in a variety of roles.

Evergreen participants have support from a dedicated program manager, rotation team leaders and buddies. They are also offered a permanent position upon completion and provided opportunities for meaningful career progression.

Throughout the program participants get to experience the different work types and careers options available as an ATO employee, while doing work that makes a difference. 

Positions are available in Albury, Canberra, Dandenong, Geelong, Gosford, Newcastle, Townsville and Traralgon. 

For more information visit:

• The Evergreen Program
• Hear from recent Evergreen Program participants
• Apply for the Evergreen Program[JS1]
• ATO podcast in your language

Assistant Commissioners Michael Morton and Peter Holt join Tax InVoice podcast host David Jepsen to talk about the shadow economy, what types of activities form the shadow economy and how it affects the Australian community. 

The shadow economy, also known as the cash economy or the black economy, refers to behaviour which involves under-declaring income, things like paying staff cash in hand or under the counter or sham contracting. Shadow economy behaviours also include trading in illicit tobacco, illegal drugs or counterfeit goods, ABN, GST, duty fraud and phoenixing.

Small businesses and their tax agents can access the Reported transactions service on ATO Online platforms to view the third-party data that we hold on taxable payments, government grants and business transactions through payment systems. This provides transparency about the data that has been reported to the ATO about business income and supports small business owners to meet their tax obligations.

As the shadow economy accounts for around $11 billion in lost revenue every year, if you know someone who is or suspect to be involved in shadow economy activities, you can make an anonymous tip-off by calling us on 1800 060 062 or visiting ato.gov.au/tipoff.

For more information visit:

• Shadow Economy
• Making a tip off
• Reported transactions in ATO online
• ATO podcast in your language