Tax news, views & clues – March 2018

  • Bill to implement housing affordability CGT changes – As part of the 2017–2018 Budget, the Federal Government announced a range of CGT reforms to reduce pressure on housing affordability.
  • Changes to small business CGT concessions – Treasury has released draft legislation to make sure that only small business taxpayers can access the small business CGT concessions.
  • Bill to change residential property GST arrangements – A Bill has been introduced to require buyers of new residential premises and new residential subdivisions to pay the related GST directly to the ATO.
  • Moving to combat the black economy – The Government has accepted a number of the Black Economy Taskforce’s recommendations, and has introduced a Bill into Parliament to implement them.
  • Corporate tax avoidance: latest ATO targets – The ATO has provided an update on its latest focus areas and the compliance projects it is undertaking to reduce corporate tax avoidance.
  • Social security means testing of lifetime retirement income streams – The Department of Social Services has released its proposed means testing rules for pooled lifetime retirement income streams.
  • ATO now issuing excess transfer balance determinations – The ATO is now sending out excess transfer balance determinations to individuals who have exceeded the superannuation transfer balance cap.
  • Windfarm grant was an assessable recoupment – The Full Federal Court has held that a Commonwealth grant for establishing a windfarm was an assessable recoupment.

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