Month: March 2018

The Treasurer has released draft legislation containing new “integrity improvements” to the CGT small business concessions (‘SBCs’) (i.e., including the 15-year exemption, the retirement exemption, the 50% active asset reduction and the small business roll-over). Due to the government’s “continued…

This year, the ATO is paying close attention to what people are claiming as ‘other’ work-related expense deductions, so it’s important when taxpayers claim these expenses that they have records to show: ◘ they spent the money themselves and were…

The Administrative Appeals Tribunal has upheld amended assessments issued by the ATO to a beauty technician, based on the high volume of money passing through the taxpayer’s various accounts when compared with the modest income she had included in her…

In a recent case, an Uber driver’s access to the Uber app had been terminated as a result of failing to maintain an adequate overall rating, and he applied to the Fair Work Commission (FWC) for an unfair dismissal claim…

The government has released draft legislation to ensure that a reversionary Transition to Retirement Income Stream (‘TRIS’) will always be allowed to automatically transfer to eligible dependents (i.e., upon the death of the primary recipient). Currently, a reversionary TRIS cannot transfer to…

The ATO has updated its small business benchmarks with the latest data from the 2015/16 financial year. In addition to helping businesses to see if they are performing within their industry average, the benchmarks are one of the tools the…

The Small Business Superannuation Clearing House (SBSCH) joined the ATO’s online services on 26 February 2018. This is intended to streamline how businesses use the SBSCH, and will also include extra functionality, such as the ability to sort employee listings…