Here is our last edition of our tax newsletter for 2018. It contains important tax developments including:
- Work-related deductions down for 2018- The ATO has reported a decline in the overall value of work-related deductions for tax time 2018.
- ATO identifies 26,000 incorrect rental property travel expense claims- The ATO has identified 26,000 taxpayers who have claimed deductions during tax time 2018 for travel to their investment residentialrental properties.
- Small business corporate tax rates Bill is now law- Eligible corporate taxpayers will pay 25% in 2021–2022, rather than from 2026–2027.
- GST reporting: common errors and how to correct them - Some businesses are making simple mistakes reporting their GST.
- Government announces super refinements- The Government will amend the super tax laws to to address some minor but important issues, as part of the ongoing super reforms.
- First Home Super Saver scheme and downsizer super contributions: ATO guidance - The ATO has issued guidance to provide information about how the First Home Super Saver and downsizer contribution schemes work.
- ATO scam alert: fake demands for tax payments - The ATO has warned taxpayers and their agents to be on high alert for tax scams.
- Government to establish $2 billion fund for small business lending - The Government has announced it will establish new funds to provide longer-term equity funding for small businesses.
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The staff at Strategic Wealth Management wish you all the best for the festive season