Our November 2016 Tax Newsletter, provides information on a number of important taxation developments:
- Budget superannuation changes on the way – The Federal Government has been consulting on draft legislation to give effect to most of its 2016–2017 budget superannuation proposals.
- Primary producer income tax averaging – Primary producers will be able to access income tax averaging 10 income years after choosing to opt out.
- R&D tax incentive rates change – The Federal Government has reduced the R&D tax incentive rates for the first $100 million of eligible expenditure by 1.5 percentage points.
- SMSF related-party borrowing arrangements – The ATO has issued a tax determination concerning non-arm’s length income and limited recourse borrowing arrangements.
- Travel expense and transport of bulky tools claim denied – An individual has been unsuccessful before the AAT in a matter concerning certain deduction claims for work-related travel expenses