February 2018 Newsletter
ATO guidelines: profit allocation within professional firms
The ATO has become aware that its guidelines on Everett assignments and the allocation of profits within professional firms are being misinterpreted for some higher-risk arrangements...
Housing affordability measures now law
Legislation has been passed to implement the 2017–2018 Federal Budget housing affordability measures. The following will start on 1 July 2018...
Fringe benefits tax: employees' private use of vehicles
The ATO has issued guidance for employers on determining an employee’s private use of a vehicle.
Draft Practical Compliance...
Tax consequences of trust vesting
The ATO has issued a long-awaited ruling on trust vesting, including changing a trust’s vesting date and the CGT and income tax consequences of vesting...
Disclosing business tax debt information to credit agencies
The Federal Government has released draft legislation and a draft legislative instrument that, when passed, will authorise the ATO to disclose a business’s tax debt to...
Taxing employee share scheme dividend equivalent payments
The ATO has made a new determination that dividend equivalent payments made under an employee share scheme (ESS) are assessable to an employee as income...
Superannuation integrity changes
The Government has released a consultation paper and exposure draft legislation to give effect to the following superannuation taxation integrity measures it...
Guidance for SMSFs on transfer balance reporting
The ATO has released further guidance on when SMSFs need to report events affecting their members’ transfer balance accounts (by making a transfer balance account...