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 of higher consequence taxpayers such as public companies, international groups and other large businesses. However, the ATO may now […]
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 schemes to access super early to pay for a holiday or buy a car. To clarify, exceptional circumstances that allow you to access your […]
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 claims in relation to work-related car expenses. Last year, around 3.75 million people made a work-related car expense […]
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 in 2018 tax returns. Last year, around 3.75 million people made a work-related car expense claim, totalling about $8.8 billion. […]
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, three-step plan to reform personal income tax. Step 1 will see a new, non-refundable low and middle income tax offset from […]
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 use simplified depreciation rules correctly you must: write off eligible assets costing less than $20,000 […]
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 reforms intended to reduce pressure on housing affordability. Legislation – the Treasury Laws Amendment (Reducing Pressure on Housing […]
Bill to implement housing affordability CGT changes As part of the 2017–2018 Budget, the Federal Government announced a range of reforms intended to reduce pressure on housing affordability. Legislation has now been introduced into Parliament that proposes to: remove the entitlement to the capital gains tax (CGT) main residence exemption for foreign residents; and modify […]
Please note that all the Law Society Trust Account Examiners had to be reaccredited in NSW in order to perform Trust Account Audits by 31st March 2018. Please note that the following extract is from The Law Society of NSW. Please take note that External Examiner’s Reports after 30 June 2017 can only be provided […]
ATO rethink on guidelines for profit allocation within professional firms In reviewing its guidelines on Everett assignments and the allocation of profits within professional firms, the ATO has become aware that the guidelines are being misinterpreted in relation to certain arrangements that go beyond the guidelines’ scope. The ATO has found a variety of arrangements […]