December 2017 Newsletter

Our latest eNewsletter includes information on the following topics:

Consultation paper: combating phoenix activities: The Federal Government has released a consultation paper proposing company and tax law reforms to combat phoenix activities.

New passive income test for lower corporate tax rate: The Federal Government has introduced a Bill to put a passive income test in place for corporate tax entities.

ATO guidance: what is “carrying on a business”?: The ATO has issued a draft taxation ruling to explain the factors it will consider when deciding whether a company “carries on a business”.

Total super balances and pension transfer balance account reports: The ATO has agreed to modify the reporting obligation for total super balances, and has set out when super providers and life insurance companies must lodge transfer balance account reports.

Fringe benefits tax: should an Uber be treated as a taxi?: The ATO is now examining whether Uber trips should be eligible for the “taxi travel” FBT exemption.

Tax treatment of long-term construction contracts: The ATO has explained what accounting methods taxpayers can use for long-term construction projects.

Bonsella News: Updates from the Bonsella Team.