News

The Treasury Laws Amendment (Accelerated Depreciation For Small Business Entities) Act 2017 extends the period during which small business entities (SBEs) can access accelerated depreciation. The extension is for 12 months, ending on 30 June 2018. SBEs will be able to can claim an immediate deduction for depreciating...

From 1 July 2017, the supply of services, digital products or rights are connected with Australia (and so potentially liable to GST) if made to an Australian consumer by an overseas-based supplier. This is referred to as the digital import or “Netflix tax” rules. GST Ruling GSTR 2017/1...

For the 2016–2017 income year, the company tax rate for small businesses decreases to 27.5%. Companies with turnover of less than $10 million are eligible for this rate. The maximum franking credit that can be allocated to a frankable distribution has also been reduced to...

A pipe fitter has been denied deductions, due to lack of evidence, by the Administrative Appeals Tribunal (AAT) for work-related expenses: Re Hamilton and FCT [2017] AATA 734. The expenses fell into three categories: tool expenses ($945) – although his employer provided tools, the taxpayer said...

Super reforms: SMSF commutation requests to stay within $1.6 million pension cap The ATO has released Practical Compliance Guideline PCG 2017/5, which outlines the circumstances where the ATO will not conduct compliance reviews for pension commutation requests made before 1 July 2017 by a member of a self managed...

A taxpayer has been denied a deduction for car expenses incurred in transporting equipment to and from work, partly because the storage facilities at her workplace were adequate: Re Rafferty and FCT [2017] AATA 636, AAT No 2015/3723. The taxpayer was employed as a stevedore. In...