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…
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…