Need help with the SBSCH changes?

If you need help with questions about the Small Business Super Clearing House (SBSCH) at a time that suits you, Take advantage of the Australian Taxation Offices’ live web chat service or book an after-hours call back from one of their customer service officers: Live chat available from 3pm – 8pm (AEDT) Monday to Friday and 10am – 2pm […]

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Parliamentary update

By-elections have been scheduled in the relevant electorates and, in the meantime, some of the cross-benchers have guaranteed the Government’s (current) survival by committing to vote with it on motions of no-confidence and supply. Tax legislation passed In other news, the Government has passed changes to the tax legislation that will limit, or deny, deductions […]

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Numerous work-related expense claims disallowed

The AAT has denied a taxpayer’s deductions for work-related travel, clothing, self-education and rental property expenses (totalling $116,068 and $140,581 for the 2013 and 2014 income year respectively), and upheld the ATO’s 50% administrative penalty on the tax shortfall for recklessness. Apart from being unable to prove (or ‘substantiate’) some claims due to lack of […]

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ATO’s annual closure

This year, the ATO’s annual office closure is between noon Friday 22 December and 8.00am Tuesday 2 January 2018. Also, the ATO may have systems maintenance on some weekends, so they recommend that lodgments be made as early as possible, as even returns or activity statements lodged in early December may not be finalised until […]

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ATO relief for SMSFs reporting ‘transfer balance account’ events

The ATO has announced that, from 1 July 2018, SMSF event-based reporting regarding events impacting a member’s transfer balance account (i.e., via a Transfer Balance Account Report) will be limited to SMSFs with members with total superannuation balances of $1 million or more This effectively means that up to 85% of the SMSF population will […]

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Truck drivers’ reasonable amounts for travel updated

Following detailed consultation with the transport industry, the ATO has amended their determination for travel expenses for truck drivers to provide separate reasonable travel allowance expense amounts for breakfast, lunch and dinner for employee truck drivers for the 2017/18 income year. The reasonable amount for travel expenses (excluding accommodation) of employee truck drivers who have […]

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Tool for applying the margin scheme to a property sale

The ATO is recommending that taxpayers use their recently updated GST property decision tool to work out if GST applies to their property sales. The tool can be used to determine GST on the sale, lease or purchase of real property, and was recently updated for easier use on mobile devices. In particular, after providing […]

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Other GST News

The Government has released draft legislation on “improving the integrity of GST on property transactions”, as announced in the 2017/18 Federal Budget. They intend to amend the GST law so that, from 1 July 2018, purchasers will withhold the GST on the purchase price of new residential premises and new residential subdivisions, and remit the […]

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New depreciation legislation for Australian property investors

In one of the most dramatic changes to property depreciation legislation in more than 15 years, Parliament has passed the Treasury Laws Amendment (Housing Tax Integrity) Bill 2017 as at Wednesday 15th November 2017, with the Bill now legislation. The new legislation means owners of second-hand residential properties (where contracts exchanged after 7:30pm on the 9th of […]

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No small business tax rate for passive investment companies

The Government has released draft tax legislation to clarify that passive investment companies cannot access the lower company tax rate for small businesses of 27.5%, but will still pay tax at 30%. The amendment to the tax law will ensure that a company will not qualify for the lower company tax rate if 80% or […]

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