Tax news, views & clues – february 2019

  • Tax clinic trial to reduce tax regulatory burden – The Federal Government has allocated $1 million to set up 10 tax clinics at Australian universities under a trial program.
  • New “work test” exemption for recent retirees – From 1 July, a new 12-month exemption from the work test for new retirees aged 65–74 with total super below $300,000 will give many older Australians extra time to boost their super.
  • ATO issuing excess super contributions determinations – The ATO has begun issuing determinations for individuals’ excess concessional contributions to super for the 2017–2018 financial year.
  • Reviewing the tax treatment of granny flats – Homeowners may have to pay CGT where there is a formal agreement for a family member to reside in their home; the Board of Taxation will review this treatment.
  • Resolving tax disputes: government to help small businesses – The Federal Government intends to make it easier, cheaper and quicker for small businesses to resolve tax disputes with the ATO .
  • Small business tax offset: avoiding errors when claiming – The ATO has issued tips for avoiding common errors when reporting net small business income and claiming the small business income tax offset for unincorporated small businesses.
  • Home office running expenses and electronic device expenses – The ATO has released updated guidance on tax-deductible home office and electronic device expenses.
  • Genuine redundancy payments – The Federal Government intends to align genuine redundancy and early retirement scheme payments with the Age Pension qualifying age.
  • GST on property developments involving government – The ATO is reviewing GST payments for arrangements where property developers acquire land from government entities.

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