February Newsletter 2019

February Newsletter 2019

We are pleased to supply you with the February 2019 edition of Client Alert, which contains information on a number of important taxation developments up to and including 18 January 2019:

Tax clinic trial to reduce tax regulatory burden – The Federal Government has allocated $1 million to set up 10 tax clinics at Australian universities under a trial program.

New “work test” exemption for recent retirees – From 1 July, a new 12-month exemption from the work test for new retirees aged 65–74 with total super below $300,000 will give many older Australians extra time to boost their super. ATO issuing excess super contributions determinations – The ATO has begun issuing determinations for individuals’ excess concessional contributions to super for the 2017–2018 financial year.

Reviewing the tax treatment of granny flats – Homeowners may have to pay CGT where there is a formal agreement for a family member to reside in their home; the Board of Taxation will review this treatment.

Resolving tax disputes: government to help small businesses – The Federal Government intends to make it easier, cheaper and quicker for small businesses to resolve tax disputes with the ATO. Small business tax offset: avoiding errors when claiming – The ATO has issued tips for avoiding common errors when reporting net small business income and claiming the small business income tax offset for unincorporated small businesses.

Home office running expenses and electronic device expenses – The ATO has released updated guidance on tax-deductible home office and electronic device expenses.

Genuine redundancy payments – The Federal Government intends to align genuine redundancy and early retirement scheme payments with the Age Pension qualifying age. GST on property developments involving government – The ATO is reviewing GST payments for arrangements where property developers acquire land from government entities.

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

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