Here is the October 2018 edition of our Tax Newsletter, which contains information on a number of important taxation developments:
- Claiming work-related expenses - ATO education campaign to help correctly claim work-related expenses using its guides and toolkits.
- ATO data analytics and prefilling - a closer look at the methods that help to process tax returns and correct mistakes.
- Standard deductions and "push returns" - The Parliamentary Standing Committee on Tax and Revenue's report on taxpayer engagement with the tax system recommends transitioning towards a standard tax deduction and a "push return" tax system.
- Illegal phoenix activity - public examinations of more than 45 entities have commenced in the Federal Court.
- Banking Royal Commission sets out possible super contraventions - closing submissions on super entities set out the relevant evidence in relation to the 17 entities examined.
- Instant asset write-off extension - a Bill has been passed to extend the small business $20,000 instant asset write-off threshold for another 12 months.
- Cryptocurrency tax treatment - the ATO has updated its tax guidelines for cryptocurrency transactions.
For more information on any of these topics, please click on the link below:
If you have any further questions, please call us on 02 9580 3353