Spry Roughley Articles
To help reduce the regulatory burden on businesses, including the tax burden, Assistant Treasurer Stuart Robert has announced that the Federal Government has allocated $1 million to set up 10 tax clinics under a trial program based on the Curtin University Tax Clinic. Read more…
The Federal Government has created a new opportunity for some recent retirees to make additional superannuation contributions. From 1 July 2019, a 12-month exemption from the "work test" for newly retired individuals aged between 65 and 74 years with a total superannuation balance below $300,000 means many older Australians will now have an extra year in which to boost their superannuation savings. If you wish to take advantage of this measure, you should plan carefully to manage the relevant timing issues, your contributions caps and interaction with other contributions measures that may be available to you. Read more…
ATO issuing excess super contributions determinations
01/02/2019 by Spry Roughley February 2019 ReportThe ATO has begun issuing determinations for excess concessional contributions (ECC) of superannuation for the 2017–2018 financial year. The ATO said it will be issuing a higher volume of ECC determinations for 2017–2018 compared to previous years, following the reduction in the concessional contributions cap to $25,000 for all taxpayers. Read more…
Assistant Treasurer Stuart Robert says the Federal Government has asked the Board of Taxation to undertake a review of the tax treatment of "granny flat" arrangements, and to recommend potential changes. This request for review is in response to the 2017 Australian Law Reform Commission's report Elder abuse: a national legal response, which identified the development of formal and legally enforceable family agreements as a measure to prevent elder abuse. Read more…
Resolving tax disputes: government to help small businesses
01/02/2019 by Spry Roughley February 2019 ReportIn late 2018, Assistant Treasurer Stuart Robert announced that the Federal Government intends to make it easier, cheaper and quicker for small businesses to resolve tax disputes with the ATO. The government will establish a Small Business Concierge Service within the Australian Small Business and Family Enterprise Ombudsman's office to provide support and advice about the Administrative Appeals Tribunal (AAT) process to small businesses before they make an application. Read more…
Small business tax offset: avoiding errors when claiming
01/02/2019 by Spry Roughley February 2019 ReportThe ATO has issued tips for avoiding common errors when reporting net small business income and claiming the small business income tax offset for unincorporated small businesses. Read more…
Home office running expenses and electronic device expenses
01/02/2019 by Spry Roughley February 2019 ReportOn 16 January 2019, the ATO released an updated version of Practice Statement PS LA 2001/6, its guidance on calculating and substantiating home office running expenses and electronic device expenses. PS LA 2001/6 has been significantly rewritten, as follows: Read more…
Genuine redundancy payments: alignment with Age Pension age
01/02/2019 by Spry Roughley February 2019 ReportThe Federal Government has announced that it will amend the law to extend the concessional tax treatment for genuine redundancy payments and early retirement scheme payments to align with the Age Pension qualifying age. Read more…
In late 2018, the ATO released Taxpayer Alert TA 2018/3 GST implications of certain development lease arrangements. Read more…
The ATO has reported a decline in the overall value of work-related deductions for tax time 2018. In his opening statement to Senate Estimates on 24 October 2018, ATO Commissioner Chris Jordan said taxpayers appear to have taken extra care when claiming work-related expenses in their 2017–2018 income tax returns. This follows recent ATO initiatives to close the income tax gap for individuals, which was estimated at $8.7 billion or 6.4% in 2014–2015. By far the most common driver of the tax gap was incorrectly claimed work-related expenses. A lot of individuals were over-claiming work-related by small amounts, which adds up to a lot, Mr Jordan said. In response, the ATO stepped up its awareness and education efforts to help people get it right for tax time 2018. Read more…
ATO identifies 26,000 incorrect rental property travel expense claims
04/12/2018 by Spry Roughley December 18/January 19 ReportThe ATO has identified 26,000 taxpayers who have claimed deductions during tax time 2018 for travel to their investment residential rental properties, despite recent changes to the tax laws that disallow such claims. From 1 July 2017, investors cannot claim travel expenses relating to inspecting, maintaining or collecting rent for a residential rental property as deductions, subject to certain exceptions: s 26-31 of the Income Tax Assessment Act 1997 (ITAA 1997). Read more…
Small business corporate tax rates Bill is now law
04/12/2018 by Spry Roughley December 18/January 19 ReportGST reporting: common errors and how to correct them
04/12/2018 by Spry Roughley December 18/January 19 ReportThe ATO has reported that some businesses are making simple mistakes reporting their GST, and has reminded taxpayers to avoid the following common GST reporting errors: Read more…
In a media release on 31 October 2018, Assistant Treasurer Stuart Roberts announced that the Government will make technical changes to the superannuation tax law to address some minor but important issues, as part of the ongoing super reforms. The changes are in the following areas: Read more…
Capital gains tax on grant of easement or licence
04/12/2018 by Spry Roughley December 18/January 19 ReportTaxation Determination TD 2018/15, issued on 31 October 2018, considers the CGT consequences of granting an easement, profit à prendre or licence over an asset. Read more…
First Home Super Saver scheme: Australian Taxation Office guidance
04/12/2018 by Spry Roughley December 18/January 19 ReportOn 1 November 2018, the ATO issued Super Guidance Note SPR GN 2018/1 to provide general information about the First Home Super Saver (FHSS) scheme. The guidance note explains who is eligible to use the scheme, the kind of contributions that can be released, how to apply for a FHSS determination and the requirement to purchase a house. Interesting points made in SPR GN 2018/1 include that: Read more…
Downsizer super contributions: ATO guidance
04/12/2018 by Spry Roughley December 18/January 19 Report- Law Companion Ruling LCR 2018/9, which focuses on the numerous conditions that must be satisfied for a contribution to qualify as a downsizer contribution. This ruling finalises Draft LCR 2018/D4 and contains the same views as the draft.
- Super Guidance Note SPR GN 2018/2, which contains detailed general information and examples for individuals. Read more…
ATO scam alert: fake demands for tax payments
04/12/2018 by Spry Roughley December 18/January 19 ReportAlthough tax time 2018 is over, the ATO has warned taxpayers and their agents to remain on high alert for tax scams. Assistant Commissioner Kath Anderson has said scammers are growing increasingly sophisticated and hope to exploit vulnerable people, often using aggressive tactics to swindle people out of their money or personal information. The ATO has noticed an increasing trend of scammers demanding tax payments through Bitcoin ATMs. Read more…
Government to establish $2 billion fund for small business lending
04/12/2018 by Spry Roughley December 18/January 19 ReportThe Government has announced that it will establish a $2 billion Australian Business Securitisation Fund. Treasurer Josh Frydenberg said small businesses currently find it difficult to obtain finance on competitive terms (unless the finance is secured against real estate). To overcome this, Mr Frydenberg said, the proposed Australian Business Securitisation Fund will invest up to $2 billion in the securitisation market, providing additional funding to smaller banks and non-bank lenders to on-lend to small businesses on more competitive terms. The Australian Business Securitisation Fund will be administered by the Australian Office of Financial Management (AOFM), consistent with its prior involvement in the Residential Mortgage Backed Securities Market in 2008. Read more…
ATO information-sharing: super assets in family law proceedings
04/12/2018 by Spry Roughley December 18/January 19 ReportThe Government has announced that it will develop an electronic information-sharing mechanism between the ATO and the Family Law Courts to allow superannuation assets held by relevant parties during family law proceedings to be identified swiftly and more accurately. The measure was included as part of a broader financial support package for women announced on 20 November 2018. Read more…
Recent Posts
- Tax clinic trial to reduce tax regulatory burden
- New “work test” exemption for recent retirees
- ATO issuing excess super contributions determinations
- Reviewing the tax treatment of granny flats
- Resolving tax disputes: government to help small businesses
- Small business tax offset: avoiding errors when claiming
- Home office running expenses and electronic device expenses
- Genuine redundancy payments: alignment with Age Pension age