March 2018 Newsletter
Bill to implement housing affordability CGT changes
As part of the 2017–2018 Budget, the Federal Government announced a range of reforms intended to reduce pressure on housing affordability. Legislation has now been introduced into Parliament...
Changes to small business CGT concessions
Treasury has released draft legislation to make sure that taxpayers will only be able to access the small business CGT concessions for assets that are used (or held ready for use) in the course of a small business...
Bill to change residential property GST arrangements
A Bill has been introduced into Parliament that, when passed, will require purchasers of new residential premises and new subdivisions of potential residential land to pay the goods and services tax (GST)...
Moving to combat the black economy
The Black Economy Task-force was established in 2017 “to develop an innovative, forward-looking whole-of-government policy response to combat the black economy in Australia, recognising that these...
Social security means testing of lifetime retirement income streams
The Department of Social Services (DSS) has released its proposed means testing rules for pooled lifetime retirement income streams.
The pension standards were...
ATO now issuing excess transfer balance determinations
The ATO has advised that is now sending out excess transfer balance (ETB) determinations to individuals who have exceeded their superannuation transfer balance cap and not taken steps to remove...
Windfarm grant was an assessable recoupment
The Full Federal Court has dismissed a taxpayer’s appeal and held that a Commonwealth grant of almost $2.5 million for the establishment of a windfarm was an assessable recoupment...
Corporate tax avoidance: latest ATO targets
The ATO has provided an update on its latest focus areas and the compliance projects it is undertaking to reduce corporate tax avoidance. These include...