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August 2018 Tax Newsletter

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Here is up to date information on a number of important taxation developments:

  • Government launches new service to simplify business registrations – The new stand-alone service provides a simpler and clearer way to register a business.
  • Illegal early access to super: ATO warning about scammers – Taxpayers are urged to be aware of scammers who promise to organise access to retirement savings for a fee.
  • ATO gives small businesses the chance to seek independent review of ATO audit position – The ATO is running a 12-month pilot to extend its independent review service to certain small business taxpayers.
  • Transacting with cryptocurrency: updated ATO info – The ATO has updated the information on its website dealing with capital gains tax and cryptocurrency.
  • Tax gap for individuals is $8.8 billion, says ATO – The ATO has estimated the size of the “tax gap” between the tax the ATO collects and the amount it would collect if all taxpayers fully complied with the law.
  • ATO warns about scammers at tax time – Taxpayers should be on “high alert” for tax-related scams at tax time.
  • Income tax residency rules for individuals: Board of Taxation recommends reform measures – The Board of Taxation’s recently published report makes recommendations to modernise and simplify the rules.
  • Retirement income covenant needs more flexibility: KPMG – KPMG has released a submission in response to the Treasury position paper on the proposed retirement income covenant announced as part of the 2018–2019 Budget.
  • Illegal phoenix activity costs billions; new Phoenix Hotline – The ATO estimates the annual direct impact of illegal phoenix activity and establishes a hotline for reporting phoenix behaviour.
  • Super funds deliver healthy returns for 2017–2018 – Funds in the “growth” category continue to provide strong positive returns.
  • GST exemption for offshore sellers of hotel bookings to be removed: draft legislation released – The proposed new rules will ensure offshore sellers of hotel accommodation in Australia calculate their GST turnover in the same way as local sellers.

For more information on any of these topics, please click on the link below:

August 2018 Tax Newsletter

If you need further information, please call us on 02 9580 3353

 

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