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Practice Update November 2019
- Super guarantee opt-out for high income earners now law
- ATO recommends updating ABN details for natural disaster reasons
- Reporting asset disposals for CGT
- Government passes other superannuation legislation
- Super Lookup 'status' will change if SMSF annual returns are late
- Taxpayer liable for excess transfer balance tax despite commutations
Practice Update September 2019
September 2019 Practice Update covers following points:
- "Outrageous" deductions rejected
- ATO guidance regarding incorrect ENCC determinations
- ATO watching for foreign income this Tax Time
- The ATO hits the road
- Motor vehicle registries data matching program protocol
Practice Update July 2019
July 2019 Practice Update covers the following points:
- 'Cash in hand' payments to workers no longer tax deductible.
- Uber drivers not employees.
- Making a Division 293 election.
- ATO targeting false laundry claims.
- Lifestyle assets data matching program.
- Tax time tips for small business.
- Fixing incorrectly issued excess NCCs determinations.
- Car parking threshold for 2020 FBT year.
- Trustee obligations on the ATO's radar: TFN reports.
2018/19 Tax Return Checklist
A good strategy to reduce tax payable is normally to accelerate any income tax deductions into the current income year, which will reduce
overall taxable income in the current year.
Please review our checklist so you know what documents you will need for completing your 2018/19 tax return.
Practice Update - June 2019
June 2019 Practice Update covers following points:
- Single Touch Payroll Update
- Employees and payment summaries
- Cryptocurrency data matching program
- Tax office to double audits of 'dodgy' rental deductions
- Paying super to backpackers
- New rules for immediate write-offs