Client Alert – October 2018

We are pleased to supply you with the October 2018 edition of Client Alert, which contains information on a number of important taxation developments up to and including 21 September 2018:

  • Claiming work-related expenses – ATO education campaign to help correctly claim work-related expenses using its guides and toolkits.
  • 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.
  • 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.
  • 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.
  • SMSF Association Technical Day speech – ATO Assistant Commissioners’ update on SMSF issues and practical considerations.
  • 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.

In addition, you’ll find a Due Diligence Checklist to help with various considerations when acquiring a business.

Client Alert – October 2018

Client Alert – Explanatory Memorandum October 2018

Due Diligence Checklist – Purchasing a Business

Please contact us if you wish to discuss how the points raised in Client Alert specifically affect you.