Accounting & Wealth Insights

The ATO has advised that it intends to issue the following guidance on 25 July 2018: Taxation Determination TD 2018/14 Income tax: what is the benchmark interest rate applicable for the year of income that commenced on 1 July 2018 for the purposes of Division 7A of Part III of the Income Tax Assessment Act 1936 and how is it used?

Did you know of the capital gains tax exemption available for the disposal of pre-CGT properties (originally acquired by the deceased before 20 Sep 1985) within 2 years from the deceased date of death?

The Commissioner has set out the amounts considered to be reasonable in relation to claims made by employees for the 2018/19 income year for.

The law treats residents and non-residents differently, where residents are taxed on all worldwide income but non-residents are taxed only on Australian sourced income.

From 1 July 2017, superannuation fund members are subject to a $1.6 million transfer balance cap (TBC) which limits the tax exemption for assets funding superannuation pensions. The TBC encompasses a significant amount of monitoring for an individual.  This monitoring is to be facilitated by the Australian Taxation Office’s (ATO) event-based reporting framework.

Recently, the ATO has issued a point of emphasis for the upcoming tax lodgement season. They will be employing additional audit resources along with updated data analytics to scrutinise large car expense claims.

Mr Scott Morrison, the Federal Treasurer, handed down his third Budget at 7.30 pm (AEST) on 8 May 2018. Mr Morrison said the Budget is focused on further strengthening the economy to “guarantee the essentials Australians rely on” and “responsibly repair the budget”.