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December 2018 Tax Newsletter

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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.

If you would like more information on any of these topics, please click on the link below

December 2018   Tax Newsletter

If you have any further questions, please call us one 02 9580 3353

The staff at Strategic Wealth Management wish you all the best for the festive season

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