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Share and trust interest assets of certain businesses may lose CGT concessions

  Changes made to the CGT small business concessions through the measures contained in Treasury Laws Amendment (Tax Integrity and Other Measures) Bill 2018 represent a marked departure from the previous rules for determining if a capital gain from shares or trust interests qualified for the concessions. These changes generally accord with the aim of

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Board of Taxation FBT survey now open

  As readers may be aware, the Board of Taxation is undertaking a review of compliance costs associated with fringe benefits tax (FBT). The Board is now gathering evidence through online surveys with assistance from ORIMA Research, an independent research company. If you have received an email invitation from the ATO to complete the survey,

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No more deductions for non-compliant payments

  The government recently released exposure draft legislation that removes the ability of taxpayers to deduct certain payments – including payment of wages and payments to contractors – if the entity making the payment fails to comply with its obligations to withhold and report information to the ATO. If the PAYG withholding regime applied to

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Due dates, November 2018

  21 November Lodge and pay October 2018 monthly business activity statement. 25 November Lodge and pay quarter 1, 2018–19 activity statement if you lodge electronically. 28 November Lodge and pay quarter 1, 2018–19 Superannuation guarantee charge statement – quarterly if the employer did not pay enough contributions on time. Employers lodging a Superannuation guarantee charge statement

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New ATO rulings, determinations, decisions and guides: Nov 2018

  TR 2018/6 To provide the Commissioner’s view of the trust law and tax law consequences of various issues concerning the vesting of a trust. GSTR 2018/1 To provide the Commissioner’s views on when a supply of real property will be connected with the indirect tax zone. PCG 2018/4 To provide certainty to Legal Personal

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