LOCAL STORIES

Our Local Community: Wishing Everyone A Good End To The Year

By Warren Strybosch

We would like to wish you all a happy end to the year, and we hope that everyone can find some time to recharge over the holiday break.

It has been a very difficult year for many people in Victoria and some people and families still have some challenging times ahead.

We want to thank you all for supporting our community paper. We look forward to continuing to grow this paper next year and finding new or better ways to serve our local community through this initiative.

We want to especially thank the small business owners, those who have contributed articles, the in-kind sponsors, and those who have given up their time and provided resources to this community paper. Your support has not gone unnoticed.

We would ask the local community to support those businesses listed on page 2, who have provided financial support towards this endeavour and look forward to other businesses joining us in 2022 as well as some corporate sponsors.

From all the team at the Find Foundation,

Thank you.

You may be liable for tax when transferring funds into Australian from overseas.

By Warren Strybosch

Some Australians transfer funds from overseas into Australia from various sources and do consider it to be income for tax purposes. However, a recent court case has concluded that income brought into Australia, if it cannot be proved it was not from income generating sources, may be considered assessable income and tax accordingly.

Recently, the Administrative Appeals Tribunal (AAT) found that an Australian citizen who conducted much of his business in Malaysia was a resident of Australia for tax purposes in the 2016 income year.

The AAT concluded that he was subject to tax in Australia on amounts he transferred to his Australian account from Malaysia. The reason being is that he was unable to prove. the income transferred to Australia was not assessable income. As such, the AAT deemed the money to be assessable and ordered tax to be paid on the amount transferred across

In finding that he was a resident for tax purposes, the AAT affirmed that there was sufficient “continuity of association with Australia” as indicated by such things as maintaining a home in Australia, the number of times he visited Australia in the 2016 year (11 times for a total of 83 days) and his business interests in Australia. (Sanderson and FCT [2021] AATA 4305, 16 November 2021.)

This is a warning to all Australian Citizens bringing money into the country. If you are found out to be doing so and cannot prove the money was obtained from non-assessable sources, it is very likely you will be liable to pay tax on that money.

Cryptocurrency has gone Mainstream

By Warren Strybosch

Cryptocurrency has become very popular in Australia. According to the 2021 Independent Reserve Cryptocurrency Index, more than 28.8 per cent of people in Australia own or have owned cryptocurrency at one point or another.

More women compared to men, in the 24 to 34-year-old age group bracket, are having a punt on cryptocurrency today, according to a survey by the leading exchange and the proportion of women investing in crypto doubled from 10.3 per cent to 20 per cent.

Whist Crypto might be very volatile, 89 per cent, made money or broke even this year. However, it is likely most are down now given the 20-30% drop in Crypto currencies that occurred in early December.

According to Mr Przelozny crypto has gone from fringes to the mainstream even though Aussie regulators and government agencies have taken time to accept cryptocurrencies and other digital businesses or assets.

The Independent Reserve chief executive Adrian Przeozny said that the sector should have regulation on this to provide security for the investors and cryptocurrency businesses. Since the survey of 2000 respondents found that some 26.6 per cent would buy crypto if the security regulation was improved.

At this point in time, Bitcoin and Ethereum, remained the most popular cryptocurrencies that people invest in.

Short Story Competition

Enter Now

Tales from the pandemic...a time like no other

‘It was the best of times, it was the worst of times’ – Charles Dickens, A Tale of Two Cities, 1859.

As 2021 draws to a close, Your Library wants to capture the stories of this place at this time. The past two years have seen most of our assumptions, habits and expectations thrown out the window. We would like to record the tempo of the time while it is still fresh and preserve it for the future.