Practice Update

The ATO’s ‘Tax Avoidance Taskforce – Trusts’ continues the work of the Trusts Taskforce, by targeting higher-risk trust arrangements in privately owned and wealthy groups. The Taskforce will focus on the lodgment of trust tax returns, accurate completion of return…

Editor:  The ATO is currently offering various support measures to individuals and businesses from drought-affected communities to help with managing their tax and super obligations or who are struggling with their mental health. It has also recently provided a summary…

Editor: Recently issued draft legislation has focused on introducing new measures to manage the growing cash economy (i.e., the ‘black economy’) considering the Black Economy Taskforce recommendations and recent Federal Budget announcements. Two of these key recommendations are outlined below.…

In the last week of the August Parliamentary sittings, the controversial corporate tax cut plan for the big end of town (i.e., companies with an aggregated turnover of over $50 million) was defeated. In addition, long-awaited legislation impacting the company…

The proposed superannuation guarantee (‘SG’) amnesty is a one-off, 12-month opportunity to self-correct past non-compliance (i.e., from 24 May 2018 to 23 May 2019). It will apply to previously undeclared SG shortfalls for any period from 1 July 1992 up…

The Commissioner of Taxation has determined that the rate at which work-related car expense deductions may be calculated using the cents per kilometre method is 68 cents per kilometre for the income year commencing 1 July 2018 (up from 66…

The ATO has become aware of people in some suburban areas of major cities attempting to encourage others to illegally access their super early (generally for a fee) to help them to purchase a car, to pay debts, to take…

Editor: Single Touch Payroll (STP) officially commenced for larger employers on 1 July 2018, and the ATO has provided some further guidance for affected entities. The ATO is writing to employers who started reporting through STP before 1 July 2018,…

As Tax Time 2018 has ‘kicked off’, the ATO has profiled the five most common mistakes they see, including taxpayers who are: leaving out some of their income (e.g., forgetting a temp or cash job, capital gains on cryptocurrency, or…

Editor: With interest in cryptocurrencies (such as Bitcoin) increasing, the ATO has issued guidance regarding various tax consequences of transactions involving cryptocurrencies. Any capital gains made on the disposal of a cryptocurrency (including using the cryptocurrency or converting it to…