News

What are the implications of last night's budget announcements on taxation and superannuation? PERSONAL TAXATION Personal tax rates: staged seven-year reform plan starting from 2018–2019 In the 2018–2019 Budget, the Government announced staged tax relief for low and middle income earners. The Government is proposing a major seven-year,...

Do you rent out a part of your home, or a holiday home, on Airbnb, Stayz or another sharing site? Perhaps you see this as a way of making a little extra income to help the household budget or to save for that holiday. But...

The ATO has issued Law Companion Ruling LCR 2018/1, which covers the recently enacted measure to impose goods and services tax (GST) on supplies of imported low-value goods (ie goods valued at A$1,000 or less) from 1 July 2018. This measure was introduced to create...

The ATO has released its latest small business benchmarks, providing over 100 different industries with average cost of sales and average total expenses. Businesses can see clearly what the relevant benchmarks are for their industry and use these to assess their own business. The benchmark data...

The ATO has recently published information about the e-Audits technology it utilises as part of its ongoing tax compliance activities. It says that if a taxpayer maintains electronic financial records, the ATO may use computer-assisted verification techniques to audit and analyse the records. Accessing taxpayer records Using formal access...

A Bill has been introduced to amend the A New Tax System (Goods and Services Tax) Act 1999 (GST Act) and related legislation, requiring purchasers of new residential premises and new subdivisions of potential residential land to remit the GST on the purchase price directly...

The black economy includes people who don’t correctly report and meet their tax obligations, and people who operate entirely outside the tax and regulatory system. The Government and the ATO consider the black economy a significant economic and social problem. The Australian Bureau of Statistics...

The ATO has provided a comprehensive update on its latest compliance projects and focus areas aimed at mitigating corporate tax avoidance. Manipulation of thin cap rules The ATO is investigating the possible manipulation of the thin capitalisation rules by 27 taxpayers in relation to asset revaluations totalling...

Legislation to implement the 2017–2018 Federal Budget measures aimed at improving housing affordability has now been passed. The Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures No 1) Act 2017 and the First Home Super Saver Tax Act 2017 implement the following measures (both of...