Division 293 Assessments The ATO has been issuing ‘Additional tax on concessional contributions (Division 293) assessments‘ with respect to liabilities relating to the 2018 income year. Division 293 imposes an
Company loans to shareholders under review The Government has released a consultation paper outlining proposed reforms to ‘simplify’ the loan agreements that are generally required when a shareholder (or their
Fast-tracking tax cuts for small and medium businesses The Government has fast-tracked the already legislated tax cuts to small and medium businesses by bringing them forward five years. Companies with
2018 Budget Update The Government handed down the 2018/19 Federal Budget on Tuesday 8th May 2018. Here are some of the important proposals include: Read More Here
GST withholding measures now law Legislation has been passed to “clamp down” on GST evasion in the property development sector. From 1 July 2018, purchasers of new residential premises and
Further ‘affordable housing’ measures passed Parliament has passed the legislation allowing first home buyers to save for a deposit inside superannuation through the First Home Super Saver Scheme (FHSSS), and
Key Dates to Remember As some dates may vary, please ensure you contact the Australian Taxation Office to check any dates in question. When the due date for lodgment or payment
Tax legislation passed In other news, the Government has passed changes to the tax legislation that will limit, or deny, deductions for travel expenses and depreciation claims for certain residential
No small business tax rate for passive investment companies The Government has released draft tax legislation to clarify that passive investment companies cannot access the lower company tax rate for
ATO warning regarding work-related expense claims for 2017 The ATO is increasing attention, scrutiny and education on work-related expenses (WREs) this tax time. Assistant Commissioner Kath Anderson said: “We have
