October/November 2017 Newsletter
Compensation for ATO systems outages
After the ATO’s unplanned systems outages, it provided lodgment deferrals, and remitted interest and penalties where the outages affected practitioners...
Small business restructure rollover: changes
The ATO is proposing to modify how the small business restructure rollover (SBRR) operates.
Tax cut closed off for passive investment companies
The Government has released exposure draft legislation to deny access to the lower corporate tax rate of 27.5% (down from 30%) for companies with predominantly...
Identification numbers for directors: an Icarus moment for phoenix activities?
The Government has announced a package of reforms to combat phoenix activities, including the introduction of a Director Identification Number (DIN)...
Tax measures for affordable housing
The Government has released draft tax legislation to implement elements of its housing affordability plan. The proposed measures include an increased capital gains...
Legislation for First Home Super Saver scheme and downsizer super contributions
A Bill has been introduced into Parliament to establish the First Home Super Saver (FHSS) scheme and allow people aged 65 or over to make “downsizer contributions”...
No GST on digital currency: Bill
The GST Act (A New Tax System (Goods and Services Tax) Act 1999) is being amended to ensure that digital currency, such as Bitcoin, is disregarded for GST purposes...
New financial and superannuation complaints authority
Legislation has now been introduced to establish a new external dispute resolution framework and an enhanced internal dispute resolution framework for the...
Crackdown on employer non-compliance
The Government has announced a package of reforms to give the ATO near-real...