Accounting & Wealth Insights

The ATO has released a draft practical compliance guideline providing a safe harbour approach for beneficiaries or trustees of deceased estates seeking to claim the CGT exemption for disposal of a deceased persons’s main residence within two years of their death.

The ATO has given notice, in Commonwealth Government Gazette notice C2018G00633, 10 August 2018, of its intention to collect real property rental bond data dating back to 20 September 1985 (the introduction of the CGT regime).

Individuals that have or may be engaged in providing accommodation services through an online platform will have that data collected by the ATO.

Following new GST obligations on certain property purchases which took effect from 1 July 2018, Revenue NSW has clarified that duty continues to be payable on the GST component of such a sale.

As of 1 July 2018, under this reporting system, businesses in the courier industry and the cleaning industry are required to report payments they make to contractors (individual and total for the year) to the ATO. The reporting system previously was only operational for the building and construction industry.

High earning individuals will have an option to opt-out of receiving certain superannuation guarantee amounts from 1 July 2018. Under the proposed legislation, employees earning over $263,157 with multiple employers will be allowed to receive additional cash from the second employer.

All states in Australia have (or will) implemented surcharges on foreign investors in the residential property market. The following is a state-by-state breakdown for foreign purchasers, including the specific definitions and exclusions which apply in each jurisdiction.