July 2017 Newsletter
Higher education HELP changes announced
The Government has announced a package of reforms to higher education – the Higher Education Reform Package – to take effect generally from 1 January 2018. Under the package the maximum...
Draft legislation: LRBA integrity measures for pension cap
New exposure draft legislation contains integrity measures for limited recourse borrowing arrangements (LRBAs) as part of the Government’s super reform legislation...
Deductions for super funds: major ruling update
The ATO has issued an important ruling to clarify its views on the deductions available for superannuation funds. Superannuation funds are generally restricted to...
Bill to reduce corporate tax rate
The Treasury Laws Amendment (Enterprise Tax Plan No 2) Bill 2017 has been introduced to progressively extend the lower 27.5% corporate tax rate to all corporate tax entities by the 2023–2024 income year...
Foreign owners of “ghost” property
The 2017–2018 Federal Budget announced that the Government will introduce a charge on foreign owners of residential property where the property is not...
Chevron: interest rate on borrowing not arm’s length
In a major transfer pricing judgment, the Full Federal Court has unanimously dismissed Chevron Australia’s...
Car expenses for transporting equipment disallowed
A taxpayer working as a stevedore has been denied a deduction for car expenses incurred in transporting equipment to and from work. The Administrative Appeals Tribunal (AAT) decided that it was not...
Draft legislation: financial complaints and dispute resolution
As part of the 2017–2018 Budget, the Government announced that it would create a new one-stop shop for financial disputes – the Australian Financial Complaints Authority (AFCA) – to be established by...