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February 2020 Tax Newsletter

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In our first Newsletter of the new year, we talk about the following issues:

  • ATO backs down from controversial time limit ruling - The ATO has recently withdrawn a Taxation Ruling  on the time limit for claiming input tax credits and fuel tax credits.
  • ATO extends bushfire assistance: lodgments deferred - The ATO has announced an extension of the tax assistance package for people impacted by the 2019–2020 bushfires in New South Wales, Victoria, Queensland, South Australia and Tasmania.
  • Better consumer protection: new ASIC powers - The government has proposed new enforcement and supervision powers for ASIC to restore consumer confidence in the financial system. These new powers include enhanced licensing, banning, warrant and phone tap powers.
  • No-cost strategies to increase your super - Strategies to increase your super include finding lost super, consolidating super accounts, and making sure you’re in a quality fund.
  • SMSF sole purpose test and fractional investments - To be eligible for superannuation fund tax concessions, SMSFs are required to be maintained for the sole purpose of providing retirement benefits to members (the sole purpose test). However, a recent Full Federal Court decision will provide some flexibility to trustees on certain investments.
  • $10,000 cash payment limit: the facts - The proposed $10,000 economy-wide cash payment limit will make it a criminal offence for certain entities to make or accept cash payments of $10,000 or more. The government has now released information about when the limit would not apply for personal or private transactions.

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

February Tax Newsletter

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

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