Personal Income Tax Bill passes both houses of Parliament
The Government has secured enough support from the cross-bench senators to enable passage of the Treasury Laws Amendment (Personal Income Tax Plan) Bill 2018.
Under the Bill (which must now receive Royal Assent), the following changes will…
Client Alert - Explanatory Memorandum (June 2018)
Tax planning
With the end of the 2018 income tax year rapidly approaching, this issue of Client Alert draws attention to year-end tax planning strategies and compliance issues that taxpayers need to consider to ensure they are in good tax health.…
Client Alert June 2018
Tax planning
With the end of the 2018 income tax year rapidly approaching, this issue draws attention to year-end tax planning strategies and compliance matters that you need to consider to ensure good tax health. It focuses on the most important…
Pre-lodgement Compliance Review: What You Need To Know
As a part of the ATO's concerted efforts to engage taxpayers earlier and identify risks before they become an issue, Pre-lodgement Compliance Reviews (PCRs) are increasingly being used.
PCRs have previously exclusively been in the domain…
LEGAL EARLY RELEASE OF SUPER
Most people know that superannuation cannot be accessed until retirement or in exceptional circumstances. What exactly are these exceptional circumstances have caused considerable confusion and allowed unscrupulous individuals to promote illegal…
Client Alert - Explanatory Memorandum (May 2018)
ATO closely examines work-related car expenses
The ATO has announced that it will be closely examining claims for work-related car expenses in 2018 tax returns. The ATO is concerned about taxpayers making mistakes or deliberately lodging false…
Client Alert May 2018
ATO closely examines work-related car expenses
The ATO is concerned about taxpayers making mistakes or deliberately lodging false claims for work-related car expenses, and has announced it will be closely examining claims for these expenses…
2018 FEDERAL BUDGET - KEY ANNOUNCEMENTS
PERSONAL TAXATION
Personal tax rates: staged seven-year reform plan starting from 2018–2019
In the 2018–2019 Budget, the Government announced staged tax relief for low and middle income earners. The Government is proposing a major seven-year,…
$20,000 instant asset write-off
This tax time, your small business clients with a turnover of less than $10 million can write off assets costing less than $20,000 each in their 2016-17 return. All simplified depreciation rules will apply to assets when choosing this method.
To…
Client Alert Explanatory Memorandum (March 2018)
CURRENCY:
This issue of Client Alert takes into account developments up to and including 14 February 2018.
Bill to implement housing affordability CGT changes
As part of the 2017–2018 Budget, the Federal Government announced a range of…