October/November Newsletter

Our latest eNewsletter includes information on the following topics:

New downsizing cap available: Treasury releases draft legislation to allow those over 65 to make additional non-concessional contributions from the proceeds of selling their home. .

Tax cut closed off for passive investment companies: The Government has released exposure draft legislation to deny access to the lower corporate tax rate of 27.5% for companies with predominantly passive income.

First Home Super Saver Scheme: Treasury has released draft legislation to implement FHSSS to allow voluntary super contributions from 1 July 2017 to be used for a first home deposit starting from 1 July 2018.

Compensation for ATO systems outages: The ATO has advised about how it will assess claims for compensation following its recent systems outages.

No GST on digital currency: The GST Act is being amended to ensure that supplies of digital currency receive equivalent GST treatment to supplies of money.

Superannuation Guarantee: The Government has announced a crackdown on employer non-compliance and new legislation will prevent employers using an employee’s salary sacrifice contributions to reduce the employer’s minimum contributions.

Small business restructure rollover: The ATO is proposing to modify how the small business restructure rollover operates.

Bonsella News: Updates from the Bonsella Team.