Due to the introduction of the new 'transfer balance cap' from 1 July 2017, super fund members with pension balances (in 'retirement phase') exceeding $1.6 million will need to partially commute one or more of their pensions to avoid the imposition of excess transfer balance tax. In addit ..
The ATO is visiting more than 400 businesses across Perth and Canberra this month as part of a campaign to "help small businesses stay on top of their tax affairs". Assistant Commissioner Tom Wheeler said: “Our officers will be visiting restaurants and cafés, hair and beauty and other sma ..
In conjunction with the introduction of the temporary budget repair levy (of 2%, payable by high income earners), the FBT rate was also increased from 47% to 49% for the 2016 and 2017 FBT years. However, the FBT rate will revert back to 47% from 1 April 2017. This means there will be a dis ..
An employee construction project manager/supervisor was denied deductions for overtime meal expenses, as he was not paid an overtime meal allowance under an industrial agreement (award). The taxpayer often worked at nights and on weekends during the relevant income years, and so additiona ..
The ATO is currently reviewing arrangements where individuals (at, or approaching, retirement age) purport to divert their personal services income to an SMSF, so that the income is taxed concessionally (or exempt from tax) in the fund, rather than being subject to tax at the individual’s margin ..
The ATO has confirmed that, if intangible capital improvements are made to a pre-CGT asset, they can be a 'separate CGT asset' from that pre-CGT asset if the relevant requirements are satisfied. The result of this is that, while the disposal of the pre-CGT asset itself will be exempt from CGT, ..
In a recent case, the Federal Court has agreed with the ATO that 'ride-sourcing' (such as that provided using Uber) is 'taxi travel' within the meaning of the GST law. The ATO has advised people who are taking up ride-sourcing to earn income should: - Keep records - Have an Australian bu ..
The ATO has released a public taxation ruling covering the ATO’s views on the deductibility of expenditure incurred in acquiring, developing, maintaining or modifying a website for use in the carrying on of a business. Importantly, if the expenditure is incurred in maintaining a website, ..
The ATO has announced that it will be undertaking the following two data matching programs. Ride Sourcing data matching program The Ride Sourcing (E.g. Uber) data matching program has been developed to address the compliance risk of the registration, lodgement and reporting of busines ..
From 1 January 2017, tax rates changed for working holiday makers who are in Australia on a 417 or 462 visa (these rates are known as ‘working holiday maker tax rates'). If a business employs a working holiday maker in Australia on a 417 or 462 visa, from 1 January 2017, they should withh ..
- Super changes may require action by 30 June 2017
- Tax officers "hit the streets" to "help small businesses"
- Reduction in FBT rate from 1 April 2017
- No overtime meal allowance, no overtime meal deduction
- Diverting personal services income to SMSFs
- Making 'intangible' capital improvements to pre-CGT assets
- Ride-Sourcing is 'Taxi Travel'
- Deductibility of expenditure on a commercial website
- ATO Data Matching Programs Activated
- Changes to the ‘Backpacker Tax’