Tax news, views & clues – December 2018

  • 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 residential rental 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 address some minor but important issues, as part of the ongoing super reforms.
  • CGT on grant of easement or licence – Taxation Determination TD 2018/15 considers the CGT consequences of granting an easement, profit à prendre or licence over an asset.
  • 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.
  • ATO information sharing of super assets in family law proceedings– An electronic information-sharing mechanism to allow super assets to be more swiftly and accurately identified during family law proceedings.

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