We are pleased to supply you with the December 2018/January 2019 edition of Client Alert, which contains information on a number of important taxation developments up to and including 23 November 2018:
BEWARE: You may have heard in the news recently of the ATO warning about a scam. If you receive a phone call demanding payment of a tax debt, hang up and call our office. The scammers have sophisticated ways to mask their identity and can even purport to be calling from the ATO or tax agents. Never pay a tax debt without first speaking directly with us.
- Work-related deductions down for 2018 – The ATO has reported a decline in the overall value of work-related deductions for tax time 2018.
- ATO identifies 26,000 incorrect rental property travel expense claims – The ATO has identified 26,000 taxpayers who have claimed deductions during tax time 2018 for travel to their investment residential rental properties.
- Small business corporate tax rates Bill is now law – Eligible corporate taxpayers will pay 25% in 2021–2022, rather than from 2026–2027.
- GST reporting: common errors and how to correct them – Some businesses are making simple mistakes reporting their GST.
- Government announces super refinements – The Government will amend the super tax laws to address some minor but important issues, as part of the ongoing super reforms.
- CGT on grant of easement or licence – Taxation Determination TD 2018/15 considers the CGT consequences of granting an easement, profit à prendre or licence over an asset.
- First Home Super Saver scheme and downsizer super contributions: ATO guidance – The ATO has issued guidance to provide information about how the First Home Super Saver and downsizer contribution schemes work.
- ATO scam alert: fake demands for tax payments – The ATO has warned taxpayers and their agents to be on high alert for tax scams.
- Government to establish $2 billion fund for small business lending – The Government has announced it will establish new funds to provide longer-term equity funding for small businesses.
- ATO information sharing of super assets in family law proceedings – An electronic information-sharing mechanism to allow super assets to be more swiftly and accurately identified during family law proceedings.
Client Alert is available to download here
Please contact us if you wish to discuss how the points raised in Client Alert specifically affect you.