Newsletter
April 2016 Newsletter
Deadline looming for SMSF collectables compliance
The ATO has reminded trustees of self managed super funds (SMSFs) that if they have investments in collectables or personal-use assets...
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Overseas student debts: repayment thresholds
From 1 July 2017, anyone with a Higher Education Loan Programme (HELP) or Trade Support Loans (TSL) debt who is living overseas and earning above...
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ATO data-matching for insured lifestyle assets
In January 2016, the ATO advised it was working with insurance providers to identify policy owners on a wider range of asset classes, including marine vessels, aircraft...
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Market value of shares is not the selling price
The Administrative Appeals Tribunal (AAT) has ruled that the “market value” of a parcel of shares in a private company that a taxpayer sold in an arm’s-length transaction...
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Individual not a share trader
The Administrative Appeals Tribunal (AAT) has found that a taxpayer (a childcare worker) was not carrying on a business of share trading, and accordingly was not entitled...
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Small business restructures made easier
The Government has made changes to the tax law to provide tax relief for small businesses that restructure. The tax law changes provide an optional rollover for small business...
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Tax law changes to treatment of earnouts
The Government has recently amended the tax law concerning the capital gains tax (CGT) treatment of the sale and purchase of businesses involving certain earnout...
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New rules for selling property over $2M
The new foreign resident CGT withholding tax applies to sales contracts entered into on or after 1 July 2016. A purchaser who buys an Australian real estate...
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