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February 2017IN THIS ISSUE Credit and debit card debt, online selling and ride sourcing data matching Simpler reporting with Single Touch Payroll Black Economy Taskforce Targeted amendments to Division
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Credit and debit cards are payment cards that allow the holder to make purchases or withdraw cash using borrowed funds (credit card) or funds available in a linked bank account (debit card).
Individuals or businesses who use credit and debit cards for financial transactions are required to keep records of their card usage and report it for tax and accounting purposes.
To fill out credit and debit card information, you need to keep track of all your card transactions, including the date, amount, vendor, and purpose of each transaction. This information can then be reported on your tax return or financial statements.
The purpose of credit and debit cards is to provide a convenient and secure way for individuals and businesses to make payments for goods and services without the need for cash.
The information that must be reported on credit and debit cards includes the date, amount, vendor, and purpose of each transaction. This information is important for tracking expenses, budgeting, and tax reporting.
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