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…
Client Alert (March 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 has now been introduced into Parliament…
Law Society External Examiners’ Report
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…
Client Alert Explanatory Memorandum (February 2018)
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…
Client Alert (February 2018)
ATO guidelines: profit allocation within professional firms
The ATO has become aware that its guidelines on Everett assignments and the allocation of profits within professional firms are being misinterpreted for some higher-risk arrangements,…
Taxable payments annual report
Some businesses and government entities need to report each year the total payments they make for services on the Taxable payments annual report. In addition, some government entities also need to report grants paid.
These payments need…
$20,000 instant asset write-off
The write-off threshold of $20,000 has been extended to 30 June 2018.
If you buy an asset and it costs less than $20,000, you can immediately deduct the business portion in your tax return. The $20,000 threshold applied from 12 May 2015 and…