Division 7A

July 2, 2019

Published by MC Tax Advisors at July 2, 2019

Categories

Tax Bulletin

Tax Bulletin – June 2019

This month three specific ATO Fact Sheets have been released for small businesses. With Parliament resuming we can expect debates and focus on personal tax cuts, however it is also important to remember the tax changes that apply from 1 July 2019 (some for which legislation is yet to be seen). These, together with a recent cases and ATO Rulings […]

October 29, 2018

Published by MC Tax Advisors at October 29, 2018

Categories

Tax Bulletin

Tax Bulletin – October 2018

During October the Government issued draft legislation with respect to a number of the measures announced in the 2018/19 Federal Budget. This includes the denial of deductions for holding vacant land and removal of small business CGT concessions for Everett Assignments. Our October Tax Bulletin contains details of these and other developments. DRAFT LEGISLATION – BUDGET ANNOUNCEMENTS The Government has […]

October 29, 2018

Published by MC Tax Advisors at October 29, 2018

Categories

Tax Bulletin

Division 7A Changes – Consultation Paper

Treasury has released a consultation paper setting out its proposed implementation of previously announced amendments to Division 7A. Although these are stated as being based on recommendations made in a Report by the Board of Tax, they include significant departures from those recommendations which may have serious financial consequences for many small businesses. The amendments are to apply from 1 […]

May 25, 2018

Published by MC Tax Advisors at May 25, 2018

Categories

Tax Bulletin

Tax Bulletin – May 2018

The Federal Budget has dominated the tax news in May. With the hype around the Budget now settling down, our May bulletin looks at other tax updates, and also reflects on some important Budget announcements relevant to SMEs. ATO ACTIVITY AND FOCUS Car Expense Claims The ATO are targeting the incorrect claims work-related car expenses. The ATO is concerned that […]