October/November Newsletter

Our latest eNewsletter includes information on the following topics:

Claiming work-related expenses: ATO education campaign to help correctly claim work-related expenses using its guides and toolkits.

Illegal phoenix activity: Public examinations of more than 45 entities have commenced in the Federal Court.

Banking Royal Commission sets out possible super contraventions: Closing submissions on super entities set out the relevant evidence in relation to the 17 entities examined.

SMSF Association Technical Day speech: ATO Assistant Commissioners’ update on SMSF issues and practical considerations.

ATO data analytics and prefilling: A closer look at the methods that help to process tax returns and correct mistakes.

Standard deductions and “push returns”: The Parliamentary Standing Committee on Tax and Revenue’s report on taxpayer engagement with the tax system recommends transitioning towards a standard tax deduction and a “push return” tax system.

Instant asset write-off extension: A Bill has been passed to extend the small business $20,000 instant asset write-off threshold for another 12 months.

Cryptocurrency tax treatment: The ATO has updated its tax guidelines for cryptocurrency transactions.

The ATO as SMSF regulator: Observations from the ATO Deputy Commissioner, Superannuation, at the National SMSF Conference in Melbourne.

Bonsella News: Updates from the Bonsella Team.