September Newsletter 2018

September Newsletter 2018

We are pleased to supply you with the September 2018 edition of Client Alert, which contains information on several important taxation developments:

Super sector must address trust deficit – ASIC Chair James Shipton says the superannuation sector must be more mindful of the responsibilities that come with being the custodians of another people’s money.

Call to boost instant asset write-off to $100,000 – Australian Small Business and Family Enterprise Ombudsman Kate Carnell has called for the instant asset write-off for small businesses to be embedded in legislation and extended.

Tax return required for excess super non-concessional contributions – The ATO reminds that taxpayers need to lodge a tax return for any financial year they exceed the non-concessional contributions cap and may have to pay extra tax.

APRA’s response to Productivity Commission draft report – APRA has agreed with several the Productivity Commission’s findings and recommendations on superannuation efficiency and competitiveness.

Protecting Super Bill: Senate Committee report – The Senate Economics Legislation Committee has recommended that the Treasury Laws Amendment (Protecting Your Superannuation Package) Bill 2018 be passed.

First Home Super Saver scheme: ATO guidance – The ATO has issued new guidance on the First Home Super Saver (FHSS) scheme, which is now operational.

ATO targeting car sharing platforms – Some people undertaking car sharing activities using third-party platforms might not understand the taxation implications involved.

Delay in extending reportable payments to courier and cleaning services – The ATO is implementing some practical work-arounds for tax measures because of the legislative logjam in Federal Parliament.

GST: supplies of real property connected with Australia – A new ruling sets out the ATO’s view on when supplies of real property relate to the indirect tax zone (Australia).

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

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