Tax news, views & clues – October 2018

  • Claiming work-related expenses– ATO education campaign to help correctly claim work-related expenses using its guides and toolkits.
  • ATO data analytics and prefilling– a closer look at the methods that help to process tax returns and correct mistakes.
  • Standard deductions and “push returns”– The Parliamentary Standing Committee on Tax and Revenue’s report on taxpayer engagement with the tax system recommends transitioning towards a standard tax deduction and a “push return” tax system.
  • Illegal phoenix activity– public examinations of more than 45 entities have commenced in the Federal Court.
  • Banking Royal Commission sets out possible super contraventions– closing submissions on super entities set out the relevant evidence in relation to the 17 entities examined.
  • Instant asset write-off extension– a Bill has been passed to extend the small business $20,000 instant asset write-off threshold for another 12 months.
  • SMSF Association Technical Day speech– ATO Assistant Commissioners’ update on SMSF issues and practical considerations.
  • Cryptocurrency tax treatment– the ATO has updated its tax guidelines for cryptocurrency transactions.
  • The ATO as SMSF regulator– observations from the ATO Deputy Commissioner, Superannuation, at the National SMSF Conference in Melbourne.

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