Small business restructure roll-over determination now in force

  A legislative determination on small business restructure roll-over has ran out its disallowance period on 8 May 2018 and is now in force. The effect of the Taxation Administration (Remedial power — Small Business Restructure Roll-over) Determination 2017 is to ensure that where the depreciating assets are transferred under Subdiv 328-G of ITAA 1997 (small business restructure roll-over) the transfer […]

Lodgment of returns for 2017/18

A legislative instrument setting out the requirements to lodge income tax returns for the 2017/18 income year has been registered. The Notice of Requirement to Lodge a Return for the Year of Income Ended 30 June 2018 sets out lodgment of returns for the year of income ended 30 June 2018 consistent with ITAA 1936, ITAA 1997, […]

SMSF Taxation Regulations Remade

Regulations have been registered to remake and improve the Superannuation (Self Managed Superannuation Funds) Taxation Regulations 1999 and ensure their effect continues. The Superannuation (Self Managed Superannuation Funds) Taxation Regulations 1999 (the 1999 Regulations) prescribed the timing for when the self managed super fund supervisory levy was due and payable. The Superannuation (Self Managed Superannuation Funds) Taxation […]

Proposed financial institutions supervisory levies for 2018/19

Treasury has released for consultation a discussion paper, prepared in conjunction with the Australian Prudential Regulation Authority (APRA), seeking submissions on the proposed financial institutions supervisory levies that will apply for the 2018/19 financial year. The financial industry levies are set to recover the operational costs of APRA and other specific costs incurred by certain Commonwealth […]

Personal Income Tax Plan Bill Introduced

The Treasury Laws Amendment (Personal Income Tax Plan) Bill 2018 has been introduced into parliament. Changes to tax offsets Schedule 1 of the Bill proposes to amend the tax law to: • introduce the low and middle income tax offset to reduce the tax payable by low and middle-income earners in the 2018/19, 2019/20, 2020/21 and 2021/22 […]

ATO warning on “standard” MV expenses

ATO warning sounded  The ATO’s Assistant Commissioner Kath Anderson has sounded a warning for taxpayers who are making what they may believe are “standard” deductions in regard to vehicle expenses, especially when it comes to the cents per kilometre method. While it is true that written evidence for deductions based on up to 5,000 kilometres is generally not […]

Couriers and Cleaners to Report Contractor Payments

Couriers and cleaners to report contractor payments The government will extend the taxable payments reporting system to contractors in the courier and cleaning industries, with effect from 1 July 2018. These changes were recommended in the Black Economy Taskforce that was released on Budget night. The expansion of this reporting system follows its successful implementation […]

Travel deductions for rental properties removed

Travel deductions for rental properties removed After 1 July 2017, the deductions for travel to residential rental property will be disallowed. In particular, the travel cost of attending inspections, maintain the property or collecting rent will be excluded. It is important to note here that the expenses will relate to travel only. A landlord can […]

Super guarantee not payable for salesperson

Super guarantee not payable for salesperson Section 12 of the Superannuation Guarantee Assessment Act 1992 (SGAA) deals with the question surrounding whether a worker is an employee or a contractor. Broadly speaking, the superannuation guarantee scheme will apply to an employee of an organisation, whereas an independent contractor will not. In relation to this section […]

Changes to intangibles depreciation

Changes to intangibles depreciation Recently, the federal government introduced new legislation where a taxpayer such as yourself can adjust the depreciation for your intangible or software assets. Currently, the intangibles must be written off of a certain number of years. With all intangibles or software developed or purchased from 1 July 2016, you have the […]