September Newsletter available for download

Our latest eNewsletter includes information on the following topics:

Work-related expense claims under scrutiny: The ATO has warned taxpayers to avoid making incorrect work-related expense claims at tax time this year.

Employee travel expense deductions: A new draft ATO ruling covers transport expenses and expenditure incurred when employees travel away from home.

Working holidaymakers and tax returns for 2017: Employers of working holidaymakers need to be aware of the “backpacker tax” changes in place from 1 January 2017.

Small business instant asset write-offs & setting up payment plan for tax debts: The $20,000 threshold for eligible assets now applies until 30 June 2018. Small businesses with tax debt of $100,000 or less can use the ATO’s self-help service to set up a payment plan

Tax assessments confirmed for undisclosed business income: The AAT has upheld tax assessments and allowed increased penalties after a business under-reported its activities and income.

ASIC takes action on super fund disclosures: ASIC has written to the trustees of 21 super funds about their failure to meet transparency information requirements.

Companies should consider reporting tax liabilities: AASB: More Australian companies could be recognising amounts in dispute with the ATO in their financial reports.

Bonsella News: Updates from the Bonsella Team.