Tax agents, client confidentiality and whistleblower protections

The Tax Practitioners Board (TPB) recently hosted a webinar dealing with whistleblowing and confidentiality within the tax practitioner industry. The webinar — you can view a recording below (one hour CPD value) — explained a practitioner’s obligations in relation to confidentiality when making disclosures, situations that qualify for whistleblower protection and other options. The new

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R&D Tax Incentive is back on the Parliamentary table

In the first week of December 2019, the government reintroduced legislation to reform the R&D Tax Incentive (the Treasury Laws Amendment (Research and Development Tax Incentive) Bill 2019, which can be found here along with its Explanatory Memorandum). A previous attempt to reform R&D concessions never made it through the Senate, perhaps due to these

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What your clients need to know about the First Home Super Saver scheme

The First Home Super Saver (FHSS) scheme was introduced in the Federal Budget 2017-18, with an aim to reduce pressure on housing affordability. The scheme allows eligible taxpayers to save money for their first home inside the superannuation system. The government says this concessionally taxed environment will help first home buyers save faster. Your eligible

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Fleet “safe harbour” approach for car fringe benefits

The ATO, after consultation and collaboration with business taxpayers and industry representatives, has developed what it calls a “safe harbour” mechanism for calculating car fringe benefits under the operating cost method. In ATO parlance, a safe harbour is a guideline that allows taxpayers to make use of a simplified and efficient way to calculate their

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Healius: Just what the doctor boarded

The Federal Court has allowed an appeal by a taxpayer, known as Healius Ltd, against a decision of the ATO to deny the tax deductibility of lump sum payments made to doctors. The payments were in respect of contracts to conduct their practice at medical centres operated by the applicant where doctors would then pay

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Changes to the luxury car tax your clients may have forgotten

From 1 January 2020, primary producers can claim a refund of luxury car tax (LCT) they have paid on one eligible vehicle per financial year, up to a maximum of $10,000 (it used to be $3,000), for vehicles delivered to them on or after 1 July 2019. If your client lodged a claim for an eligible vehicle

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Gifts, and their outcomes for FBT

Gifts provided to employees or their associates — that gold, frankincense and myrrh you picked up at the Black Friday sales — will typically constitute a property fringe benefit and therefore are subject to FBT unless the minor benefit exemption applies. Gifts, and indeed all benefits associated with a Christmas function, should be considered separately

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More ATO communication needed to ease tax agent concerns over move to myGovID

Tax agents are worried that the Government’s new requirement to use mobile phones and devices as part of the authentication process to access ATO online services could jeopardise their clients’ sensitive financial and personal information. Many are also frustrated that the change means tax agents and their staff will have to rely on mobile phones

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5 minute tax updates: 2-6 December

Bill to see no CGT exemption for non-residents passes both housesForeign resident capital gains withholding rulesSA’s land tax bill passesCourt finds illegally obtained information can be used for tax assessmentsHelp to clear away the contractor/employee fogATO gets extension for appeal against Glencore outcomeThe undischarged bankrupt, his default assessments and the AATThe essentials about Online services

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