April 2018 – Practice Update

New superannuation rates and thresholds released  The ATO has published the key superannuation rates and thresholds for the 2018/19 income year. The Non-Concessional Contributions cap will remain at $100,000 (although transitional arrangements may apply), and the Concessional Contributions cap will remain at $25,000.  The CGT cap amount will be $1,480,000. The Division 293 tax threshold...

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The top work-related claims the ATO is eyeing this tax time

Work-related tax deductions relating to cars, travel, clothing, internet, mobile phones, and self-education are among the top claims the ATO will be watching at tax time. The move for closer scrutiny follows an announcement which revealed 6.7 million taxpayers claimed a higher-than-expected $7.9 billion in work-related claims last year, with the ATO noting this included...

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March 2018 – Practice Update

Big changes proposed to eligibility for the CGT SBCs The Treasurer has released draft legislation containing new “integrity improvements” to the CGT small business concessions (‘SBCs’) (i.e. including the 15-year exemption, the retirement exemption, the 50% active asset reduction and the small business roll-over). Due to the government’s “continued support for genuine small business taxpayers”, it...

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