Tax & Accounting Blog

NEWS, TRENDS AND RESOURCES FOR
TAX AND ACCOUNTING PROFESSIONALS

Corporate beneficiaries and corporate tax rate: How might the new legislation be applied?

Corporate beneficiaries and corporate tax rate: How might the new legislation be applied?

On 18 October 2017, the Government introduced Treasury Laws Amendment (Enterprise Tax Plan Base Rate Entities) Bill 2017 into Parliament.  The Bill contains amendments to s 23AA of the Income Tax Rates Act 1986 to clarify which entities will be eligible for the reduced corporate tax rate for the 2017-18 income year and subsequent income […] … Read More

Professional services firms left in a quandary after ATO suspends risk assessment guidelines

Professional services firms left in a quandary after ATO suspends risk assessment guidelines

As practitioners will be aware, the ATO has suspended the application of its risk assessment guidelines for allocation of profits within professional services firms. The ATO’s risk assessment guidelines previously stated they would be reviewed in 2017. However, writing in Thomson Reuters 2018 Weekly Tax Bulletin Issue 3, Lance Cunningham, BDO National Tax Director, says […] … Read More

SMSF return due date extended

SMSF return due date extended

The Tax Office has extended to 30 June 2018 the due date for lodging self-managed superannuation fund (SMSF) annual returns for the 2016-17 income year. Thomson Reuters Weekly Tax Bulletin (Issue 3, 19 January 2018) reported that the ATO made this decision in recognition of the major choices that SMSF trustees need to make in this first financial year of […] … Read More

Are you tax-ready in 2018?

Are you tax-ready in 2018?

Did you know that most landlords can no longer claim a deduction for travel costs connected with an investment property? So that trip to the Gold Coast to inspect your rental unit is no longer deductible. There are also restrictions on claiming depreciation on second-hand assets used in a rental property. There are exceptions, in […] … Read More

Infographic: reach BEPS success

Infographic: reach BEPS success

A global Thomson Reuters survey has found low levels of confidence among tax executives about how prepared their systems and processes are for the new BEPS regime. With mistakes being costly, around $525,000 in fines costly, Australian businesses cannot risk a late lodgement to the ATO. Download the full infographic here and learn what best-practice BEPS […] … Read More

2017 – another big year in tax! Just look at what WTB covered

2017 – another big year in tax! Just look at what WTB covered

Tax professionals know that 2017 has been another big year in tax. Are there any other kind of tax years other than big ones, you might ask!  Clearly not! The proof of all of this comes from the Thomson Reuters Weekly Tax Bulletin: In 2017, WTB reported over 1,800 tax, superannuation and related developments. This includes […] … Read More