August 2017 Newsletter
Instant asset write-off extended for small business entities
The Treasury Laws Amendment (Accelerated Depreciation For Small Business Entities) Act 2017 extends the period during which small business entities (SBEs) can...
Work-related deductions denied: lack of documenting evidence
A pipe fitter has been denied deductions by the Administrative Appeals Tribunal (AAT) for work-related expenses. The AAT disallowed the claims...
Tax cut for small business: ATO will amend returns
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...
Super reforms: changes to TRIS, CGT relief, pension cap and LRBA integrity rules
The Treasury Laws Amendment (2017 Measures No 2) Act 2017 makes a range of technical amendments to the super reform legislation.
TRIS rules for...
SMSF annual return: key changes for 2016-2017
The ATO has released the 2017 self-managed superannuation fund (SMSF) annual return and instructions. Key changes for 2017 include the transitional CGT...
Single Touch Payroll operative for early adopters
Single Touch Payroll (STP) is here. It had a “soft” or voluntary start on 1 July 2017. From that date, employers may choose to report under STP. For those who...
Netflix tax: who is an Australian consumer?
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...
New draft GST guidelines issued
Supplies through electronic distribution platforms
Draft Law Companion Guideline LCG 2017/D4 (the Draft) deals with how the ATO...
ATO update on Manage ABN Connections
The ATO says feedback from tax professionals on the Manage ABN Connections identified that further work is required to meet their needs. The ATO advised that the myGov...