Tax news, views & clues – September 2017

  • Work-related expense claims under scrutiny – The ATO has warned taxpayers to avoid making incorrect work-related expense claims at tax time this year.
  • Employee travel expense deductions – A new draft ATO ruling covers transport expenses and expenditure incurred when employees travel away from home.
  • Working holidaymakers and tax returns for 2017 – Employers of working holidaymakers need to be aware of the “backpacker tax” changes in place from 1 January 2017.
  • Small business instant asset write-offs – The $20,000 threshold for eligible assets now applies until 30 June 2018.
  • Tax debts: setting up a payment plan – Small businesses with tax debt of $100,000 or less can use the ATO’s self-help service to set up a payment plan.
  • Federal Court rules on PAYG avoidance – The Federal Court has ruled that Sunraysia Harvesting Contractors Pty Ltd used a “sham” arrangement to avoid its tax obligations.
  • Tax assessments confirmed for undisclosed business income – The AAT has upheld tax assessments and allowed increased penalties after a business under-reported its activities and income.
  • ASIC takes action on super fund disclosures – ASIC has written to the trustees of 21 super funds about their failure to meet transparency information requirements.
  • Companies should consider reporting tax liabilities: AASB – More Australian companies could be recognising amounts in dispute with the ATO in their financial reports.