The ability to make 'downsizer contributions' effectively commenced on 1 July 2018, prompting the ATO to release further guidance with respect to this new superannuation contribution classification.
Editor: This new measure will be of most assistance for individuals approaching retirement, where they dispose of their family home in an effort to ‘downsize’ and they want to contribute part or all of the proceeds to superannuation.
Basically, these measures allow older Australians to make a downsizer contribution where:
The Government has announced it intends to introduce legislation to improve the ability of small businesses to offer employee share schemes by simplifying the current regulatory framework,and reducing the time and cost burden for businesses by (amongst other things):
The ATO has extendedits data matching program, this time focusing on share data.
The ATO willcontinue to receive share data from ASIC, including details of the price,quantity and time of individual trades dating back to 2014, with more than 500million records obtained.
The ATO will use theinformation to identify taxpayers who have not properly reported the sale ortransfer of shares as income or capital gains in their income tax returns.
It seems sharetransactions are high on the ATO's priority list, given more than 5 millionAustralian adults (almost one-third) now own shares.
The ATO hasfinalised a trial relating to sending overdue taxpayer lodgment obligations toexternal collection agencies.
As a result, it maynow refer taxpayers to an external collection agency to secure tax returnlodgment.
The ATO has statedthat it will only refer a taxpayer to an external collection agency where thetaxpayer takes no action in response to its initial correspondence letters.
The ATO has recently advised that it will be contacting taxpayers(and tax agents on behalf of their clients) that have been identified as having cars registered in their business name who have not lodged an FBT return.
The ATO has reminded businesses that:
The ATO has advised that it will send SMS text messages directly to tax payers where incorrect bank account details were included in their tax returns and they were entitled to a refund.
The SMS will advise impacted taxpayers that:
If impacted taxpayers contact the ATO with their correct details within seven days, any refund due will be issued electronically.
The Government has released a consultation paper outlining proposed reforms to‘simplify’ the loan agreements that are generally required when a shareholder(or their associate) borrows funds (or receives a payment) from a related company.
With this in mind,Treasury is currently looking at (amongst other things):
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