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October 2018 Tax Newsletter

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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:

October 2018 Tax Newsletter

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

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