December Newsletter

Our latest eNewsletter includes information on the following topics:

Tax time 2018: The ATO expects that 200,000 people could miss out on a tax refund this year because they haven’t lodged a tax return.

Combating the black economy: Electronic sales suppression tools that misrepresent or hide business income are now banned.

Bringing forward business tax cuts and small business offset: The Government and Labor have agreed to bring forward planned small business tax cuts; reductions in the corporate tax rate and small business offset have also been accelerated.

Excess super contribution determinations: The ATO has started issuing excess concessional contributions determinations for 2017–2018.

ATO information sharing of super assets in family law proceedings: An electronic information-sharing mechanism to allow super assets to be more swiftly and accurately identified during family law proceedings.

Small business corporate tax rates Bill is now law: Eligible corporate taxpayers will pay 25% in 2021–2022, rather than from 2026–2027.

GST reporting: common errors and how to correct them: Some businesses are making simple mistakes reporting their GST.

Government announces super refinements: The Government will amend the super tax laws to to address some minor but important issues, as part of the ongoing super reforms.

First Home Super Saver scheme and downsizer super contributions: ATO guidance: The ATO has issued guidance to provide information about how the First Home Super Saver and downsizer contribution schemes work.

Residential rental property travel expenses: ATO guidance: Non-business travel costs connected to residential rental properties are not deductible; the ATO has released new guidance.

Bonsella News: Updates from the Bonsella Team.