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Month: March 2018

Home 2018 March

Big Changes Proposed to Eligibility for the CGT SBCs

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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…
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ATO’s Focus on Work-related Expenses

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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…
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Uber Driver Not an ‘Employee’

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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…
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Government to Fix a Pproblem with Reversionary TRISs

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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…
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New Small Business Benchmarks are Available

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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…
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