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Client Alert Newsletters 2019

November 2019 - Getting the benefit of your business tax losses; Downsizer super contributions: getting it right; Health insurance and your tax: uncovered; Small business CGT concessions: when do I qualify? Unpaid super: important amnesty update for employers; Selling shares: how does tax apply?; ATO to scrutinise every return for Tax Time 2019; Beware of insurance changes in superannuation

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Previous Issues

October 2019 - Small business income tax gap: ATO update; ATO sets its sights on undisclosed foreign income; ATO announces “Better as Usual” program to improve your experience; Salary sacrificing loopholes: are you receiving your full benefits? Claiming work trips for business owners; Thinking about setting up an SMSF?

September 2019 - Warning to watch out for myGov tax scams; ATO has refunded $10 billion so far; ATO watching for undisclosed foreign income this tax time; Unusual claims disallowed; ATO contacting small employers about Single Touch Payroll; Disclosing business tax debt information: ATO consultation; Cross-border recovery of taxation debts; ATO superannuation focus areas; Compassionate release of super only available in limited cases and Personal services income rules: unrelated clients test.

August 2019 - ATO will inform certain tax agent clients their information is "Tax ready"; Top mistakes to avoid this tax time; Pension deeming rates cut from 1 July 2019; Personal tax cuts Bill passed without amendment, now law; ATO statement on administration of the low and middle income tax offset; STP reporting irregularities; Employees guide for work expenses; FBT, taxi travel and ride sourcing; New ATO data-matching program; GST on low value goods; Super downsizer contributions reach $1 billion and Reasonable travel and overtime meal allowance amounts for 2019-20.

July 2019 - Deferring derivation of income - tips to defer the recognition of income; Bringing forward tax-deductible expenses - tips to bring deduction claims forward into 2019; Tax relief - for individuals and small businesses; Issues for individuals - tips for claiming work-related expenses, and a reminder about recent superannuation changes; Issues for businesses - a look at company tax rates, imputation and small business deductions and Tax compliance and developments.

June 2019 - Requirement registered to lodge 2019 tax and other returns; Payment summaries and STP this tax time; STP exemptions and deferrals; Ombudsman calls on ATO to cease small business recovery action where tax disputes are before AAT; Cryptocurrency: record keeping requirements and data matching program; Super death benefit for de facto partner upheld; Protecting Your Super - how new law may affect SMSFs and ATO reminds SMEs about paying super for backpackers.

May 2019 - ATO to ramp up ABN investigations and cancellations; Fringe benefits tax: rates, thresholds and ATO focus for 2019–2020; Guidance on when a company carries on a business; Super guarantee amnesty not yet law, but $100 million recovered; Instant asset write-off with Budget changes now lawl Rental deductions: ATO audits to double; Shortfall penalties reduced under new ATO initiative; and How the ATO identifies wealthy individuals and their businesses.

April 2019 & Federal Budget Special Edition - Things to get right this FBT season; Tax concierge service available to small businesses; ATO small business benchmarks updated; Early recovery of small business tax debts: ATO to be scrutinised; Compensation for defective ATO administration: review announced; Single Touch Payroll: low-cost solutions now available; Super guarantee amnesty not yet law: ATO will apply existing law; ATO finds 90% error rate in sample of rental property claims and Property used for storage an active asset for small business CGT concession purposes.

March 2019 - Single Touch Payroll reporting for small businesses: get ready!; Super guarantee compliance: time to take action; Proposed increase for small business instant asset write-off; ATO warns about new scams in 2019; ATO refers overdue lodgments to external collection agencies; Government consultation on sharing economy reporting; Extra 44,000 taxpayers face Div 293 superannuation tax; and Company losses similar business test Bill passes.

February 2019 - Tax clinic trial to reduce tax regulatory burden; New work test exemption for recent retirees; ATO issuing excess super contributions determinations; Reviewing the tax treatment of granny flats; Resolving tax disputes: government to help small businesses; Small business tax offset: avoiding errors when claiming; Home office running expenses and electronic device expenses; Genuine redundancy payments; and GST on property developments involving government.

December 2018/January 2019 - Work-related deductions down for 2018; ATO identifies 26,000 incorrect rental property travel expense claims; Small business corporate tax rates Bill is now law; GST reporting: common errors and how to correct them; Government announces super refinements; CGT on grant of easement or licence; First Home Super Saver schemeand downsizer super contributions: ATO guidance; ATO scam alert: fake demands for tax payments; Government to establish $2 billion fund for small business lending; and ATO information sharing of super assets in family law proceedings.

Newsletters 2018

November 2018 - Super transfer balance cap; Australian Small Business White Paper; Tax time 2018; Combating the black economy; Bringing forward business tax cuts and small business offset; Residential rental property travel expenses; Taxing compensation received for inappropriate advice; and Excess super contribution determinations.
Single Touch Payroll FAQ

October 2018 - Claiming work-related expenses; ATO data analytics and prefilling; Standard deductions and "push returns"; Illegal phoenix activity; Banking Royal Commission sets out possible super contraventions; Instant asset write-off extension; SMSF Association Technical Day speech; Cryptocurrency tax treatment; The ATO as SMSF regulator.

September 2018 - Super sector must address trust deficit; Call to boost instant asset write-off to $100,000; Tax return required for excess super non-concessional contributions; APRAs response to Productivity Commission draft report; Protecting Super Bill: Senate Committee report; First Home Super Saver scheme: ATO guidance; ATO targeting car sharing platforms; Delay in extending reportable payments to courier and cleaning services; and GST: supplies of real property connected with Australia.

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.

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.

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

June 2017 - Federal Budget Special 2017 - outlines key announcements of the May 2017 Federal Budget.

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.