News

The ATO has developed work-related expenses risk profiles to help identify how work-related expense (WRE) deduction amounts compare for similar taxpayers. According to the ATO, 8.4 million taxpayers claimed a total of $21.3 billion in WREs in 2015, and the amounts claimed continue to grow. Complex...

On 17 November 2016 the ATO released Taxpayer Alert TA 2016/12, which deals with trust income reduction arrangements that are under review. The ATO says the arrangements appear designed to exploit the proportionate approach to trust taxation. The arrangements are deliberately structured to exclude from...

On 26 October 2016, the ATO gazetted notices advising about a range of data-matching programs. Share transactions 2016–2017 and 2017–2018 The ATO will continue to acquire details of share transactions. Data will be acquired for the period 20 September 1985 to 30 June 2018 from various sources,...

The Administrative Appeals Tribunal (AAT) has affirmed the Commissioner’s decision to refuse a taxpayer’s deduction claim for certain work-related travel expenses. Background During the relevant year, the taxpayer worked as a first-class “sheet metal worker” and he was required to drive to the Alcoa Alumina Refinery at...

The ATO has issued Taxation Determination TD 2016/16, which sets out the Commissioner’s views on when it would be reasonable to conclude that a trustee of a self managed superannuation fund (SMSF) would enter into a “hypothetical” limited recourse borrowing arrangement (LRBA) with a related...

The Federal Government has been releasing exposure draft legislation intended to give effect to most of its 2016–2017 Budget superannuation proposals. The first and second tranches of exposure drafts were released for public consultation in September, with submissions due by 16 September 2016 for the first tranche...