ATO reminder – Rental properties and second-hand depreciating assets
The ATO is reminding taxpayers that have a residential rental property, to take care when making claims for ‘second-hand depreciating assets’ used in their properties.
Superannuation comparison tool
The Superannuation comparison tool, YourSuper, has been updated. The tool helps individuals compare MySuper products and choose a super fund that meets their needs.
New release domain names
New release domain names were recently released in Australia, and you need to take action to avoid threats to your business internet identity. New domain name extensions of .au (in addition to .com.au) are now available and if you want to secure your existing domain name in the new format, you must register by 20…
Discretionary trusts and corporate beneficiaries
A recently issued Tax Determination affecting Discretionary Trusts and corporate beneficiaries may have implications for how family groups distribute income.
Superannuation entitlements for contractors: court ruling
A recent court ruling shines the spotlight on superannuation entitlements for contractors and the need for employment relationships to be considered carefully for superannuation guarantee purposes.
SMSFs: ATO target
The ATO will target SMSFs that fail to lodge annual returns or ignore ATO reminders with a targeted compliance campaign.
Family Trust distributions are on the ATO Hit List – What you need to know
The ATO has changed its approach and compliance response, with family trust distributions on the hit list. Earlier this year the ATO released guidelines using ‘risk’ categories for trust distribution arrangements, indicating that the ATO is taking a more aggressive approach to investigating trust income distribution. It is expected that many family groups will pay…
High Court decision has impacts for trust beneficiaries
The High Court has rejected a taxpayer’s attempt to disclaim an interest in trust income that arose as a result of a default beneficiary clause being triggered.
Disclosure of business tax debts may affect credit rating
The ATO is writing to taxpayers whose credit rating may be affected if their tax debts are disclosed to credit reporting bureaus.
No changes to Private Health Insurance rebate
In a little bit of good news, Australians with private health insurance will NOT see decreases to the Private Health Insurance rebate from 1 April.