Tax Time Shareable Content Working Group key messages 1 October 2020

The Tax Time Shareable Content Working Group met on 1 October 2020 to review and provide feedback on two new fact sheets, as well as review an existing Tax and Super news - Small business service email.

The products reviewed were:

Cryptocurrency fact sheet

The group was asked to provide feedback on the whole fact sheet. Members agreed that sections of the fact sheet required rewording. Members provided feedback and suggested:

• the facts on the first page were helpful, dot points make it easy to pick out specifics for clients
• references in the document would be useful
• thresholds should be mentioned within the fact sheet, the front page should mention what the current threshold is
• hyperlinks in the document needed updating
• minor wording changes were required.

Instant asset write-off fact sheet

The group was asked to provide feedback on the whole fact sheet. Feedback from the group suggested that:

• language should be plain, mainstream language
• the record keeping tips were useful
• links to relevant information should be included throughout the document, especially as revenue v. capital and personal use assets are confusing
• the topic of gains and losses prior to returning to AUD$ is important to mention as it is not at the time the gain or loss is recognised
• members agreed that the examples needed to be revisited and reworded.

Tax and super news – Small business news service email

Members were advised that research on the topic was last conducted in 2017 and it was time to check in with subscribers. The group provided their feedback:

• members agreed that the overall impression was good, and the colourful appearance was attractive
• members suggested that it should include a monthly FAQ of something that is always being asked in the chat room i.e. something that was topical and coming up regularly
• the email should mention seeking Tax or BAS agent assistance
• the wording amnesty should be changed to 'SG amnesty'.

Final summary

The fact sheets reviewed this month will need to be revisited once changes are made. This group will meet again on 5 November 2020. Papers for review will be sent a week prior to the meeting date.