Tax news, views & clues – July 2018

  • Business lending practices in spotlight at Royal Commission– The Financial Services Royal Commission’s third round of hearings focused on the conduct of financial services entities when providing credit to small and medium enterprises.
  • Personal tax cuts now law– The legislation to enact the Government’s seven-year personal income tax reform plan passed Parliament on 21 June 2018.
  • GST property settlement online forms– From 1 July 2018, purchasers of newly constructed residential properties or new subdivisions are required to remit GST directly to the ATO as part of settlement.
  • Major ATO focus on work-related clothing and laundry this tax time– In 2017 around six million people made claims for work-related clothing and laundry expenses, totalling nearly $1.8 billion. The ATO believes many taxpayers are making mistakes or deliberately over-claiming.
  • Advisory Board to help clamp down on the black economy– The new Government-established Board will include members of the private and public sectors who will provide strategic advice on trends and risks in the black economy.
  • Superannuation system: Productivity Commission draft report– The draft report recommends a range of changes to improve Australia’s superannuation system.
  • SMSF compliance: don’t slip up– The 2016–2017 financial year includes a few twists and turns which trustees should factor in to avoid late lodgment.

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