February 2019 - Practice Update

Division 293 assessments The ATO has been issuing ‘Additional tax on concessional contributions (Division 293) assessments’ with respect to liabilities relating to the 2018 income year. Division 293 imposes an additional 15% tax on certain concessional (i.e., taxable) superannuation contributions. It applies to individuals with income and concessional superannuation contributions exceeding the relevant annual threshold....

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August 2018 - Practice Update

Further company tax cuts deferred (for now . . .) Government has decided not to put the Treasury Laws Amendment (Enterprise Tax Plan No. 2) Bill 2017 to a vote in the Senate … for the present point in time (it had already passed the House of Representatives without amendment). The Bill aims to progressively...

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December 2017 - Practice Update

December 2017 – Practice Update Tax legislation passed The Government has passed changes to the tax legislation that will limit, or deny, deductions for travel expenses and depreciation claims for certain residential premises. Legislation to impose vacancy fees on foreign acquisitions of residential land has also been passed. ATO relief for SMSFs reporting ‘transfer balance...

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