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Blog posts.

Tax Implication of Bitcoins

After little guidance in this area the ATO has released a number of draft determinations and rulings dealing with the income tax, fringe benefit tax and GST implications of Bitcoins. Here’s what you need to know: Bitcoin is treated as a CGT asset rather than a form of currency. This means that when you use

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How to Reach Your Personal Financial Goals

You love Xero for your business, now use it for your personal life. If you love how Xero gives you real time visibility in your business, you can also use Xero to manage your personal financial affairs for just $10 a month with Xero Cashbook. Xero gives accounting partners like Interactive Accounting access to a

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GST on ATM Fees and Card Surcharges

To help with the confusion around GST on ATM fees and card surcharges, we have summarised the ATO’s views on whether GST applies to ATM service fees and surcharges that apply to credit and debit card transactions. GST should not generally apply to ATM service fees. These fees are consideration for an input taxed supply

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The Future of Accounting Practice Management Software

We are in the midst of a mobile-centric technology wave that will one day be looked back on with the same reverence as the industrial revolution. Technology has always been integral to business and those who have adopted it early have reaped the rewards of having a competitive advantage. Those that haven’t, have lost market

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Bringing Xero to new industries

At Interactive Accounting 100% of our clients use Xero for their business and investment entities. We have been using Xero extensively in the professional services, retail, hospitality, e-commerce, medical, and property development industries. Recently, we were excited to bring Xero to the film industry. Traditionally TV and film productions use mydaEs software, a custom desktop

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August Tax Update

We have broken ground on the new financial year, with it comes a few noticeable changes from a tax perspective. Some key things to note include: Superannuation Contributions Increase From 1 July 2014, the minimum superannuation guarantee rate for compulsory employer contributions has risen from 9.25% to 9.50%. Any earnings made on or after this

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