Crypto Trader Tax is a new form of taxation levied on cryptocurrency transactions. It’s a little like the capital gains tax, but instead of taxing money earned, this tax targets profits made by traders. Tax is a fee that the government charges to the taxpayer to cover the cost of running the government. Are you interested in learning about cryptocurrency ...

Labor has inherited a “dire” budget situation with a deficit that could blow out further due to soaring inflation, the treasurer, Jim Chalmers, has warned. Chalmers accused the Coalition of not disclosing pressures on the budget, revealed in Treasury briefings since Labor’s election win on Saturday. Before its defeat, the Coalition projected that budget deficits would total $223bn over the ...

Consumer groups have called for strong financial regulation of cryptocurrency markets and investments in Australia, saying crypto assets are “complex, volatile and high-risk products that can cause harm to Australian consumers.” In a submission to the federal treasury’s consultation paper on cryptocurrency, consumer group Choice has urged the federal government to “strongly consider regulating all crypto assets under the existing ...

Global accounting firm PwC told Brazilian meat multinational JBS it would save about $70m a year in Australian tax if the company followed the advice deliberately structured as a legal service to prevent it being seen by authorities, according to documents released by the federal court. PwC’s decision to provide tax advice to JBS as legal advice was legal, but ...

Economists say the Reserve Bank faces the delicate task of raising its key interest rate fast enough to quell inflation but without causing so much “climb shock” to household budgets that the economy stalls. According to Bloomberg, the central bank board meeting on Tuesday with economists almost evenly split between tipping the cash rate, which will be lifted by 25 ...

The Reserve Bank has announced the biggest rise in the cash rate in 22 years as Australia’s central bank tries to quash inflation before it gets out of control. At its regular monthly meeting, the RBA board, lifted its cash rate target by 50 basis points to 0.85%. Economists were again surprised by the size of the move, having been ...

The treasurer, Jim Chalmers, has described the Reserve Bank’s decision to hike the cash rate by 50 basis points as “difficult” news for homeowners, warning that inflation will worsen before it gets better. The prime minister, Anthony Albanese, who is in Indonesia, left the government’s response to the RBA’s higher-than-expected increase on Tuesday to his treasurer as he sought to ...

Treasury officials have warned the New South Wales government its triple-A credit rating could be at risk as it prepares to hand down its final budget before the state election next year. The Guardian understands that in the lead-up to the next budget on 21 June, Treasury told the government that a series of big spending announcements coupled with pressure ...

A cyber vulnerability, codenamed ‘Demonic’, has been risking the networks of crypto wallets like Metamask, Brave, and Phantom. The threat discovered last year is now being addressed publicly to make people aware and limit any damage that may be caused to them. If Demonic were to latch on to a crypto wallet, it could lead to its hostile takeover. This ...

The employment minister, Tony Burke, says it is too late to scrap a controversial points-based mutual obligation system for jobseekers, insisting the concept is “right” but needs tweaking. Advocates have been calling on the new Albanese government to scrap, or at least pause, the “points-based activation system” (Pbas), which requires jobseekers to earn 100 “points” through a job search or ...