tax

Access to your clients’ myGov communications

The ATO is encouraging tax practitioners to consider incorporating as part of their routine a daily check of their clients’ myGov communications. Access to your clients’ myGov communications. The ATO says practitioners can access communications that it has sent via the ATO’s client communication list (CCL) in the tax agent and BAS agent portals. “You

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Substantiation exception for travel allowance claims: What needs to change

One of the issues that Tax & Super Australia finds frequently raised by members is the tax treatment of work related travel expenses, as well as the reliance on the “reasonable amounts” prescribed by the Commissioner. Substantiation exception for travel allowance claims: What needs to change Last month we put out a “call to arms”

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Kids are staying home for longer, but when is a “dependant” really dependent?

Many adult children continue to stay in mum and dad’s house because it’s generally cheaper than the alternative and probably a lot more comfortable. Although many stay-at-home grown-up kids can most likely support themselves, the familial home in most instances can provide the higher standard of living. When is a “dependant” really dependent? But this

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Contrived trust income arrangements “not on”, says ATO

The ATO’s “trusts taskforce” has uncovered a class of arrangements that it says appears to be designed to “exploit the proportionate approach to trust taxation”. Therefore a taxpayer alert has been issued by the ATO that warns closely held trust trustees against engineering a reduction in trust income to improperly gain access to favourable tax

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A super legislative tsunami is heading our way

A super legislative tsunami is on its way The bills proposing changes to the superannuation system were introduced into Parliament last week, on November 9. The Treasury Laws Amendment (Fair and Sustainable Superannuation) Bill 2016 (you can read the details here) contains the vast majority of the changes to the regulation and taxation treatment of

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