February/March 2018 Newsletter

Our latest eNewsletter includes information on the following topics:

Changes to small business CGT concessions:Treasury has released draft legislation to make sure that only small business taxpayers can access the small business CGT concessions.

Bill to change residential property GST arrangements: A Bill has been introduced to require buyers of new residential premises and new residential subdivisions to pay the related GST directly to the ATO.

Corporate tax avoidance: latest ATO targets: The ATO has provided an update on its latest focus areas and the compliance projects it is undertaking to reduce corporate tax avoidance.

Social security means testing of lifetime retirement income streams: The Department of Social Services has released its proposed means testing rules for pooled lifetime retirement income streams.

ATO now issuing excess transfer balance determinations: The ATO is now sending out excess transfer balance determinations to individuals who have exceeded the superannuation transfer balance cap.

Housing affordability measures now law: Legislation has been passed to implement the First Home Super Saver Scheme and downsizing contribution exemption.

Fringe benefits tax: employees’ private use of vehicles The ATO has issued employer guidance on determining an employee’s private use of a vehicle.

Taxing employee share scheme dividend equivalent payments: The ATO has determined that dividend equivalent payments under an ESS are assessable as employee income when received for or in connection with services provided as an employee.

Guidance for SMSFs on transfer balance reporting: The ATO has released guidance on SMSF reporting of events affecting their members’ transfer balance accounts

Bonsella News: Updates from the Bonsella Team.