October Newsletter 2018

October Newsletter 2018

Welcome to this month’s October edition of the latest ATO legislative changes and tax updates.

Claiming work-related expenses – ATO education campaign to help correctly claim work-related expenses using its guides and toolkits.

ATO data analytics and prefilling – a closer look at the methods that help to process tax returns and correct mistakes.

Standard deductions and “push returns” – The Parliamentary Standing Committee on Tax and Revenue’s report on taxpayer engagement with the tax system recommends transitioning towards a standard tax deduction and a “push return” tax system.

Illegal phoenix activity – public examinations of more than 45 entities have commenced in the Federal Court.

Banking Royal Commission sets out possible super contraventions – closing submissions on super entities set out the relevant evidence in relation to the 17 entities examined.

Instant asset write-off extension – a Bill has been passed to extend the small business $20,000 instant asset write-off threshold for another 12 months.

SMSF Association Technical Day speech – ATO Assistant Commissioners’ update on SMSF issues and practical considerations.

Cryptocurrency tax treatment – the ATO has updated its tax guidelines for cryptocurrency transactions.

The ATO as SMSF regulator – observations from the ATO Deputy Commissioner, Superannuation, at the National SMSF Conference in Melbourne.

In addition, you’ll find a Due Diligence Checklist to help with various considerations when acquiring a business.

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

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