Bonsella August 2022 Newsletter

July 22

Our latest eNewsletter includes information on the following topics:

ATO reminder to small businesses this tax time – Areas to watch include deductions not related to business income, overclaiming of expenses, omission of business income and insufficient records.

ATO warns against asset wash sales – Although there may be legitimate reasons for selling and then reacquiring the same or similar assets, wash sales are a form of tax avoidance.

ATO protocol for legal professional privilege – The ATO can compel taxpayers to produce certain documents and information, but immunity may exist where legal professional privilege applies to the underlying communications.

Is this the end for stamp duty in New South Wales? – The NSW State Budget includes plans to make some transfer duty optional from January 2023.

Current compliance issues in the SMSF space – The ATO advises that illegal early release of superannuation is on the rise among self managed super funds.

SMSF TBAR to be streamlined – Transfer balance account event-based reporting will soon become easier for trustees of self managed super funds.