- 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.
Tax news, views & clues – February 2018
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