Tax news, views & clues – February 2018

  • 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.

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