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News 2018

August 2018

client alert tax news | views | clues   Government launches new service to simplify business registrations The government has officially launched a new stand-alone Business Registration Service, providing a simpler and clearer way to register a business. The service is available at www.business.gov.au. The service can be used for things such as applying for an Australian Business Number...
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July 2018

client alert tax news | views | clues   Business lending practices in spotlight at Royal Commission Bank lending practices for small and medium enterprises (SMEs) were in the spotlight when the Financial Services Royal Commission (FSRC) held its third round of public hearings in late May. These hearings focused on the conduct of financial services entities providing credit to SMEs. SMEs are...
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June 2018

client alert tax news | views | clues   Tax planning With the end of the 2018 income tax year rapidly approaching, this issue draws attention to year-end tax planning strategies and compliance matters that you need to consider to ensure good tax health. It focuses on the most important issues for small to medium businesses and individuals to consider. Tip: This is general information, but...
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May 2018

client alert tax news | views | clues 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 in 2018 tax returns. Last year, around 3.75 million people made a work-related car expense claim, totalling about $8.8...
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May 2018 Budget Edition

federal budget  |    May 2018 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, three-step plan to reform personal income tax. Step 1 will see a new, non-refundable low...
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April 2018

client alert tax news | views | clues ATO embarking on e-Audits The ATO has recently published information about the “e-Audit” technology it uses as part of its tax compliance activities. These audits involve the ATO performing computer tests on a taxpayer’s own electronic records to verify that the data is accurate and complete and that the taxpayer has complied with relevant...
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March 2018

client alert tax news | views | clues 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 that proposes to: remove the entitlement to the capital gains tax (CGT) main residence exemption for foreign...
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February 2018

client alert tax news | views | clues ATO guidelines: profit allocation within professional firms The ATO has become aware that its guidelines on Everett assignments and the allocation of profits within professional firms are being misinterpreted for some higher-risk arrangements, including the use of related-party financing and self managed superannuation funds (SMSFs). The guidelines have been...
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