Accounting & Wealth Insights

The following changes affecting small businesses have been recently passed by the federal government in principle and is currently waiting royal assent

Documentation requirements Timing Businesses are now required to have the transfer-pricing documentation prepared before the time the entity lodges its income tax return for the income year relevant to the matter (or matters). Information In addition, businesses must ensure the transfer-pricing documentation contains an arguable position of why the self-assessment position for transfer pricing outcomes…

Recently, the ATO have released a document which provides clarity on upfront incentive payments made by healthcare centre operators to entice practitioners to operate in their centre.

A motor vehicle designed to carry a load of more than one tonne may still be a reportable fringe benefit for an employee. The ATO has confirmed in a recent Private Binding Ruling any consistent use of these vehicles is a residual fringe benefit.

In ‘Uber BV v FC of T’, the Federal Court has held that persons who are Uber drivers are required to be registered for GST purposes. The court considered that the provision of a ride by an uberX Partner to a customer was the supply of “taxi travel” for GST purposes.

The changes to superannuation announced in the 2016 Federal Budget have been passed by Parliament. Amongst the changes was legislation which will remove tax concessions for transition to retirement pensions (TTRs) and bring them closer to their purpose of providing income to members as they transition to retirement.

The changes to superannuation announced in the 2016 Federal Budget have been passed by Parliament. Amongst those changes was the introduction of a $1.6 million transfer balance cap which limits the tax exemption for assets funding superannuation pensions.