ATO guidelines: profit allocation within professional firms – The guidelines on Everett assignments and the allocation of profits within professional firms are being misinterpreted for some higher-risk arrangements.
Housing affordability measures now law – legislation has been passed to implement the First Home Super Saver Scheme and downsizing contribution exemption.
Fringe benefits tax: employees’ private use of vehicles – The ATO has issued employer guidance on determining an employee’s private use of a vehicle.
Tax consequences of trust vesting – The ATO has issued a ruling on trust vesting, including changing a trust’s vesting date and the CGT and income tax consequences of vesting.
Disclosing business tax debt information to credit agencies – Draft legislation and a draft legislative instrument have been released to authorise the ATO to disclose business tax debt information to registered credit reporting bureaus.
Taxing employee share scheme dividend equivalent payments – The ATO has determined that dividend equivalent payments under an ESS are assessable as employee income when received for or in connection with services provided as an employee.
Superannuation integrity changes – The Government has released a consultation paper and exposure draft legislation to give effect to super taxation integrity measures announced in the 2017–2018 Federal Budget.
Guidance for SMSFs on transfer balance reporting – The ATO has released guidance on SMSF reporting of events affecting their members’ transfer balance accounts.