TAX BULLETIN – NOVEMBER 2023
During November, the ATO have released an interim Decision Impact Statement on the Bendel case and their ongoing application of Division 7A to unpaid present entitlements. On a legislative front, the Senate has passed changes to the Tax Practitioners Board and the Tax Agent Services Act with last minute changes causing industry concern. LEGISLATION UPDATE Progress of current measures The following measures […]TAX BULLETIN – OCTOBER 2023
During October, the ATO appealed the Bendel decision regarding Division 7A and unpaid present entitlements. In addition, Treasury has released an exposure draft on the new superannuation tax. LEGISLATION UPDATE Progress of current measures The following measures are currently before the Senate, which will next sit on 6 November 2023: – Treasury Laws Amendment (2023 Measures No 1) Bill 2023—contains […]TAX BULLETIN – SEPTEMBER 2023
In a significant development, the AAT have held that an unpaid present entitlement owing to a corporate beneficiary is not a loan for the purposes of Division 7A, which is in direct conflict to the ATO view. In other developments, the ATO have finalised the taxation ruling on vacant land holding costs, and released a draft ruling on self-education expenses. […]TAX BULLETIN – AUGUST 2023
The Government has announced reforms targeting tax adviser misconduct in the wake of the PwC scandal, and the ATO continue the focus on non-arm’s length income (NALI) in superannuation funds with the release of a Taxpayer Alert. LEGISLATION UPDATE Tax adviser misconduct The Government has announced reforms targeting tax adviser misconduct, which covers: – Strengthening the integrity of the tax […]Tax Bulletin – July 2023
The Government has released details of the Small Business Energy Incentive, available for the 2024 year. On the ATO front, guidance has been released in regard to the treatment of small scale property subdivisions. LEGISLATION UPDATE Small Business Energy Incentive The Government is consulting on exposure draft legislation Treasury Laws Amendment (Measures for Consultation) Bill 2023: Small business energy incentive. […]
