Here is our May 2018 Tax Newsletter for other important taxation developments.
In this edition we discuss the following:
- ATO closely examines work-related car expenses - The ATO is concerned about taxpayers making mistakes or deliberately lodging false claims for work-related car expenses, and will closely examine claims in 2018 tax returns.
- CGT main residence exemption to disappear for non-residents - A Bill that is currently before Parliament proposes to change who can qualify for the CGT main resident exemption.
- Residential rental property travel expense deduction changes - Individuals, SMSFs and “private” trusts and partnerships can longer claim tax deductions for non-business travel costs related to their residential rental properties.
- Government to increase civil penalties for white-collar crime - the Federal Government has agreed to increase the civil penalties for corporate and financial misconduct, for both individuals and bodies corporate.
- Businesses, get ready: GST on low value goods - From 1 July 2018, GST will be imposed on the supply low value goods from outside of Australia to Australian consumers.
- ATO assessments issued for excess super pension balances - The ATO warns that SMSF members may receive an ETB assessment even if they didn’t receive an ETB determination.
For more information on any of these topics, please click on the link below:
To get any additional information, please feel free to contact us on 02 9580- 3353