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Client Alert Newsletters 2018

    August 2018 - Government launches new service to simplify business registrations; Illegal early access to super: ATO warning about scammers; ATO gives small businesses the chance to seek independent review of ATO audit position; Transacting with cryptocurrency: updated ATO info; Tax gap for individuals is $8.8 billion, says ATO; ATO warns about scammers at tax time; Income tax residency rules for individuals: Board of Taxation recommends reform measures; Retirement income covenant needs more flexibility: KPMG; Illegal phoenix activity costs billions; new Phoenix Hotline; Super funds deliver healthy returns for 2017–2018 and GST exemption for offshore sellers of hotel bookings to be removed: draft legislation released.

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Previous Issues

  • July 2018 - Business lending practices in spotlight at Royal Commission; Personal tax cuts now law; GST property settlement online forms; Major ATO focus on work-related clothing and laundry this tax time;Advisory Board to help clamp down on the black economy; Superannuation system: Productivity Commission draft report and SMSF compliance: don’t slip up.
  • June 2018 - Special tax planning 2018 edition. This edition considers a range of planning strategies and compliance matters for good tax health including Deferring derivation of income; bringing forward tax-deductible expenses; issues for businesses, property owners & individuals and tax compliance and developments.
  • May 2018 - ATO closely examines work-related car expenses; Data matching finds taxpayers with unnamed Swiss bank accounts; CGT main residence exemption to disappear for non-residents; Residential rental property travel expense deduction changes; Government to increase civil penalties for white-collar crime; Businesses, get ready: GST on low value goods; Financial Complaints Authority takes shape; Banking Royal Commission wraps up evidence on financial advice and ATO assessments issued for excess super pension balances.

  • Federal Budget May 2018 Special Report - A special Budget edition outlining key announcements of the May 2018 Federal Budget.
  • Aoril 2018 - ATO embarking on e-Audits; Court finds pay-as-you-go amounts “withheld” from salary payments; “Transition to retirement” pensions to become simpler; ATO releases latest small business benchmarks; Capital gains tax withholding: updated information for trustees; Goods and services tax on low-value imported goods; Superannuation rates and thresholds for 2018–2019; Super guarantee: ATO compliance approach to non-payment and Single Touch Payroll reporting: ATO urges employers to get ready.
  • March 2018 - Bill to implement housing affordability CGT changes; Changes to small business CGT concessions; Bill to change residential property GST arrangements; Moving to combat the black economy; Corporate tax avoidance: latest ATO targets; Social security means testing of lifetime retirement income streams; ATO now issuing excess transfer balance determinations and Windfarm grant was an assessable recoupment
  • February 2018 - ATO guidelines: profit allocation within professional firms; Housing affordability measures now law; Fringe benefits tax: employees’ private use of vehicles; Tax consequences of trust vesting; Disclosing business tax debt information to credit agencies; Taxing employee share scheme dividend equivalent payments; Superannuation integrity changes and Guidance for SMSFs on transfer balance reporting.

 

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Newsletters 2017

  • December 2017 - Consultation paper: combating phoenix activities; New passive income test for lower corporate tax rate; ATO guidance: what is “carrying on a business”?; Total super balances and pension transfer balance account reports; Fringe benefits tax: should an Uber be treated as a taxi?; Tax treatment of long-term construction contracts; Foreign equity distributions to corporate entities.
  • November 2017 - Compensation for ATO systems outages; Small business restructure rollover; Tax cut closed off for passive investment companies; Identification numbers for directors; Legislation for First Home Super Saver scheme and downsizer super contributions; No GST on digital currency; New financial and superannuation complaints authority; Superannuation guarantee.
  • October 2017 - Bill to increase Medicare levy; Budget changes to foreign resident CGT draft legislation; Foreign resident CGT withholding; Further guidance for tax losses via a new “similar business” test; ATO increases its scrutiny on work-related expenses; Lodging nil activity statements in advance; New downsizing cap available; GST: simplified accounting for food retailers; Super system reforms; Segregated current pension assets; First Home Super Saver Scheme and Rise in Super assets.

    Due Diligence Checklist     - to help with various considerations when acquiring a business.
  • September 2017 - Work-related expense claims under scrutiny; Employee travel expense deductions; Working holidaymakers and tax returns for 2017; Small business instant asset write-offs; Tax debts: setting up a payment plan; Federal Court rules on PAYG avoidance; Tax assessments confirmed for undisclosed business income; ASIC takes action on super fund disclosures and Companies should consider reporting tax liabilities: AASB.
  • August 2017 - Tax cut for small businesses; Instant asset write-off extended for small business entities; ATO update on Manage ABN Connections; Work-related deductions denied; Super reforms; Self-managed super funds; Single Touch Payroll operative for early adopters; “Netflix” tax and GST draft guidelines.
  • July 2017 - Higher education HELP changes announced; Super reforms from 1 July 2017; Draft legislation; Senate Committee holds corporate tax avoidance hearing; Higher education HELP changes; Deductions for super funds; Bill to reduce corporate tax rate; Budget updates; Transfer pricing; Car expenses for transporting equipment disallowed and Draft legislation.

  • Special Tax Planning Bulletin
  • April 2017 - Ride-sharing drivers must register for GST; Tax offset for spouse super contributions; ATO to visit certain small businesses; Super reforms; Deductions for carried-forward company losses; Overseas income not exempt from income tax; GST on low-value imported goods and Alternative assessments were not tentative.
  • March 2017 - Re-characterisation of income from trading businesses; Research and development claims in building and construction industry; Intangible capital improvements made to a pre-CGT asset; Personal services income diverted to SMSFs; Depreciating assets: composite items; Tax risk management and governance review guide; Overtime meal expenses disallowed; Time extension to review objection decisions disallowed; No deduction or capital loss for apparent guarantee liability and Taxpayer denied deduction for work expenses of $60,000.
  • February 2017 - Contrived trust arrangements in ATO sights; GST and countertrade transactions; Companies held to be resident and liable to tax in Australia; Payment was assessable as "deferred compensation"; ATO data-matching programs continue and Tax debt release applications refused.
  • December 16/January 2017 - Contrived trust arrangements in ATO sights; GST and countertrade transactions; Companies held to be resident and liable to tax in Australia; Payment was assessable as "deferred compensation"; ATO data-matching programs continue and Tax debt release applications refused.

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Newsletters 2016

  • November 2016 - Budget superannuation changes on the way; Primary producer income tax averaging; R&D tax incentive rates change; SMSF related-party borrowing arrangements; Travel expense and transport of bulky tools claim denied.
  • October 2016 - Personal middle income tax rate cut on the way; Small business tax breaks in the pipeline; Single touch payroll reporting legislative changes; Take care with work-related deduction claims, says ATO; ATO eye on SMSFs and income arrangements; Social welfare recipients data-matching program.
  • September 2016 - Share economy participants reminded of tax obligations; Itinerant worker claim denied, so travel deductions refused; ATO flags retirement planning schemes of concern; Deductibility for gifts to clients and airport lounge membership fees; Changes to $500,000 lifetime super cap confirmed; Home exempt from land tax for “world-traveller”.

  • Due Diligence Checklist - Purchasing a Business - This checklist highlights common areas that must be considered when buying a business.
  • August 2016 - ATO small business benchmarks updated; SMSF early voluntary disclosure service for contraventions; New tax governance guide for SMSFs; Property developer entitled to capital gain tax concession; Superannuation concessional contributions caps must be observed; Help the kids buy homes, but watch for land tax.
  • July 2016 -Tax Time 2016: take care with work and rental property claims; SMSF borrowing arm’s-length terms deadline extended; Lifetime $500,000 non-concessional superannuation cap; ATO clearance certificates for property disposals; Hotel owner liable to GST for accommodation supply; ATO to make new decision on superannuation death benefit.
  • May 2016 -Deferring income; Maximising deductions; Companies - avoiding Div 7A implications, registering for the R&D tax incentive, etc.; Trusts - important considerations; Small business entities - important changes; Superannuation - tips on strategies and important changes; Individuals - important changes to various offsets.
  • April 2016 - Deadline looming for SMSF collectables compliance; Overseas student debts; ATO data-matching for insured "lifestyle" assets; Market value of shares is not the selling price; Individual not a share trader; Small business restructures made easier; Tax law changes to treatment of earnouts.
  • March 2016 -Tax relief for small businesses that restructure on the way; Trust ABNs to be cancelled if no longer carrying on business; Travellers with student debts need to update contact details; Small business tax concession refused as threshold test failed; “Wildly excessive” tax deduction claims refused; GST credits not available for payments on behalf of super funds.
  • February 2016 - Single Touch Payroll pilot and tax offset proposed; GST simplified accounting methods for small food retailer; Government's Innovation Agenda contains tax incentives; ATO data matching real property transactions; Tax treatment of earnout rights on business sale; Are your super saving goals on track?
  • December 2015/January 2016 - Tax negotiation limited to known debt amounts; CGT roll-over for small business restructures on the way; ATO starts issuing "certainty" letters; Government rejects SMSF borrowing ban recommendation; Car expenses and FBT concessions on entertainment.