February Newsletter 2020

tax news | views | clues

February Newsletter 2020

Can you believe that we are already in February? The new decade is in full force, the team at RWA wish you all had a lovely break with family and friends and we are excited to what the new year will offer. This month has a lot of important taxation information including tax deductions dos and don’ts. We hope you enjoy this monthly newsletter

ATO backs down from controversial time limit ruling

The ATO has recently withdrawn Draft Miscellaneous Taxation Ruling MT 2018/D1, on the time limit for claiming input tax credits and fuel tax credits.

ATO extends bushfire assistance: lodgments deferred 

The ATO has announced an extension of the tax assistance package for people impacted by the 2019–2020 bushfires in New South Wales, Victoria, Queensland, South Australia and Tasmania.

Better consumer protection: new ASIC powers 

The government has proposed new enforcement and supervision powers for ASIC to restore consumer confidence in the financial system. These new powers include enhanced licensing, banning, warrant and phone tap powers.

Expansion of Tax Avoidance Taskforce activity

The ATO has expanded the activities of its Tax Avoidance Taskforce, originally conceived in 2016 to ensure that multinational enterprises, large public and private business pay the right amount of tax, to include top 500 private groups, high wealth private groups, and medium and emerging private groups.

No-cost strategies to increase your super 

Strategies to increase your super include finding lost super, consolidating super accounts, and making sure you’re in a quality fund.

SMSF sole purpose test and fractional investments

To be eligible for superannuation fund tax concessions, SMSFs are required to be maintained for the sole purpose of providing retirement benefits to members (the sole purpose test). However, a recent Full Federal Court decision will provide some flexibility to trustees on certain investments.

$10,000 cash payment limit: the facts

The proposed $10,000 economy-wide cash payment limit will make it a criminal offence for certain entities to make or accept cash payments of $10,000 or more. The government has now released information about when the limit would not apply for personal or private transactions.

Please contact us if you wish to discuss how the points raised in Client Alert specifically affect you.

Yours sincerely

The Team at Rittwatchman & Associates

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