August Newsletter

Our latest eNewsletter includes information on the following topics:

Personal tax cuts now law: The legislation to enact the Government’s seven-year personal income tax reform plan passed Parliament on 21 June 2018.

Major ATO focus on work-related clothing and laundry this tax time: In 2017 around six million people made claims for work-related clothing and laundry expenses, totalling nearly $1.8 billion. The ATO believes many taxpayers are making mistakes or deliberately over-claiming.

SMSF compliance: don’t slip up: The 2016-2017 financial year includes a few twists and turns which trustees should factor in to avoid late lodgment.

ATO warns about scammers at tax time: Taxpayers should be on “high alert” for tax-related scams at tax time.

Government launches new service to simplify business registrations: The new stand-alone service provides a simpler and clearer way to register a business.

Illegal early access to super: ATO warning about scammers: Taxpayers are urged to be aware of scammers who promise to organise access to retirement savings for a fee.

GST property settlement online forms: From 1 July 2018, purchasers of newly constructed residential properties or new subdivisions are required to remit GST directly to the ATO as part of settlement.

Transacting with cryptocurrency: updated ATO info: The ATO has updated the information on its website dealing with capital gains tax and cryptocurrency.

Super funds deliver healthy returns for 2017–2018: Funds in the “growth” category continue to provide strong positive returns.

Bonsella News: Updates from the Bonsella Team.