Accounting & Wealth Insights

A list of the topics and issues raised in the December 2017 edition of the tax technical update is summarised

The legislation in relation to international tax is complex and has been amended significantly across recent years. Most international tax issues tend to focus around the fundamental concepts of tax residence, source and derivation.

Globalisation has had a profound impact on the modern business operating environment, whereby significant technological transformations especially over the last decade have given arise to increased international mobilisation of both staff and senior level management.

From 1 July 2018, all employers with more than 20 staff will be required to implement a payroll system that reports directly to the ATO with every pay cycle.

With the new super rules beginning on 1 July 2017, your requirement to report information about your SMSF and the pensions it pays you and other fund members may be changing. This is driven by the introduction of the new $1.6 million transfer balance cap which limits the amount of assets you can use to pay pensions from super with.

Employee truck (and other transport) drivers who have been required to sleep away from home overnight due to work have new rules relating to travel expense claims. These new rules take effect from 1 July 2017, meaning the drivers affected need to make adjustments as soon as possible.