Reforming The Taxation Of Discretionary Trusts
A key feature of discretionary trusts is the ability to distribute income on a "discretionary" basis, which means no beneficiary has a particular entitlement to any income or capital assets in the trust and the trustees can make distributions…
Fairer dealings at the ATO, especially for small business
IN BRIEF
ATO Second Commissioner Andrew Mills says the ATO has listened to criticisms and is promoting a “culture of fairness” in how it deals with taxpayers, especially SMEs.
The recently implemented Independent Review for Small…
New "work test" exemption for recent retirees
Many superannuation members are surprised – and sometimes frustrated – to learn that Australia's superannuation system places tight restrictions on who can make contributions after age 65. Generally, individuals aged between 65 and 74 years…
Deemed Dividend Rules: New 10-Year Loan Model
Division 7A is a long-standing tax integrity measure that treats certain payments by private companies to shareholders or their associates as unfranked "dividends" for tax purposes. Those deemed dividends are then assessable income of the recipient…
Super Guarantee Compliance: Time To Take Action
The government is getting tough on employers who fail to make compulsory superannuation guarantee (SG) contributions. A host of measures are being implemented, ranging from improved reporting systems through to proposed employer penalties of…
Explanatory Memorandum February 2019
Tax clinic trial to reduce tax regulatory burden
To help reduce the regulatory burden on businesses, including the tax burden, Assistant Treasurer Stuart Robert has announced that the Federal Government has allocated $1 million to set up 10…
Client Alert February 2019
Tax clinic trial to reduce tax regulatory burden
To help reduce the regulatory burden on businesses, including the tax burden, the government has allocated $1 million to set up 10 tax clinics across Australia under a trial program based on…
New SMS scam ‘spoofs’ ATO number
ATO assistant commissioner Karen Foat said the agency has been following the development of a new scam that sends SMS messages under the guise of a phone number that appears to be sent from the tax office.
The tactic, known as “spoofing”,…
Instant asset write-off threshold upped to $25k
The government has increased the threshold for the instant asset write-off to $25,000 as it looks to entice the small business sector ahead of a federal election.
Announced yesterday, Prime Minister Scott Morrison has pledged to increase…
ATO flags common errors with contribution deductions
With greater numbers of clients now eligible to claim deductions for personal superannuation contributions, the ATO has identified some common errors that practitioners and their clients should avoid.
For many super members, the 2017–18…