November Newsletter 2018

November Newsletter 2018

We are pleased to supply you with the November 2018 edition of Client Alert, which contains information on a number of important taxation developments up to and including 19 October 2018:

Super transfer balance cap – ATO Assistant Commissioner Superannuation Tara McLachlan has given a speech on “Administration issues under the transfer balance cap”.

Australian Small Business White Paper – The Institute of Public Accountants (IPA) and the IPA Deakin SME Research Centre have recommended a range of tax reforms.

Tax time 2018 – The ATO expects that 200,000 people could miss out on a tax refund this year because they haven’t lodged a tax return.

Bringing forward business tax cuts and small business offset – The Government and Labor have agreed to bring forward planned small business tax cuts; reductions in the corporate tax rate and small business offset have also been accelerated.

Residential rental property travel expenses – Non-business travel costs connected to residential rental properties are not deductible; the ATO has released new guidance.

Taxing compensation received for inappropriate advice – The ATO has published information about how tax applies for people who receive compensation from financial institutions.

Excess super contribution determinations – The ATO has started issuing excess concessional contributions determinations for 2017–2018.

Click here for more information.

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