MC Tax Advisors

February 2, 2020

Published by MC Tax Advisors at February 2, 2020

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Tax Bulletin

Tax Bulletin – January 2020

January has seen a rush of tax judgements on a variety of tax issues, including the Federal Court’s decision in Eichmann which may significantly narrow the scope of the active asset test within the Small Business CGT concessions. There has also been extra examples added to the TPB’s information sheet in regard to a tax agent’s obligation to take ‘reasonable care’, […]

January 6, 2020

Published by MC Tax Advisors at January 6, 2020

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BOARD OF TAX REPORT FLAGS POTENTIAL FOR REFORM OF SMALL BUSINESS CGT CONCESSIONS

While most of us were heading off on the Christmas break, the Government finally released the Board of Tax review of small business tax concessions which was completed in March 2019. The Board made 12 recommendations, with significant reform of the small business CGT concessions being of particular interest to tax practitioners and small business. Recommendations – Small Business CGT Concessions […]

December 19, 2019

Published by MC Tax Advisors at December 19, 2019

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Tax Bulletin

Tax Bulletin – December 2019

During December, the Senate passed the removal of the main residence exemption for foreign residents, while the Board of Taxation released its reports into the small business tax concessions and the individual tax residency rules. The ATO released its draft ruling on employee transport expenses, as well as finalising a number of rulings including in relation to trust resettlements. LEGISLATIVE UPDATE […]

December 1, 2019

Published by MC Tax Advisors at December 1, 2019

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Uncategorized

Tax Bulletin – October 2019

October has seen the passing of the controversial legislation for the denial of holding costs in relation to vacant land, although many concerns have been addressed with amendments to the legislation. At a TIA conference, the ATO have provided more details on reimbursement agreements and the application to trust distributions within families. LEGISLATIVE UPDATE Denial of deductions for holding costs […]