Tax news, views & clues – November 2018

  • Super transfer balance cap – ATO Assistant Commissioner Superannuation Tara McLachlan has given a speech on “Administration issues under the transfer balance cap”.
  • Australian Small Business White Paper – The Institute of Public Accountants (IPA) and the IPA Deakin SME Research Centre have recommended a range of tax reforms.
  • Tax time 2018 – The ATO expects that 200,000 people could miss out on a tax refund this year because they haven’t lodged a tax return.
  • Combating the black economy – Electronic sales suppression tools that misrepresent or hide business income are now banned.
  • Bringing forward business tax cuts and small business offset – The Government and Labor have agreed to bring forward planned small business tax cuts; reductions in the corporate tax rate and small business offset have also been accelerated.
  • Residential rental property travel expenses – Non-business travel costs connected to residential rental properties are not deductible; the ATO has released new guidance.
  • Taxing compensation received for inappropriate advice – The ATO has published information about how tax applies for people who receive compensation from financial institutions.
  • Excess super contribution determinations – The ATO has started issuing excess concessional contributions determinations for 2017–2018.

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