Supplies through electronic distribution platforms Draft Law Companion Guideline LCG 2017/D4 (the Draft) deals with how the ATO intends to apply the Netflix and low-value imported goods measures to supplies made through electronic distribution platforms (EDPs). The draft guidance sets out a four-step approach for determining whether an EDP operator is responsible for GST. Redeliverers […]
“Netflix” tax: who is an Australian consumer?
From 1 July 2017, the supply of services, digital products or rights are connected with Australia (and so potentially liable to GST) if made to an Australian consumer by an overseas-based supplier. This is referred to as the digital import or “Netflix tax” rules. GST Ruling GSTR 2017/1 explains how overseas suppliers can decide whether a recipient […]
Single Touch Payroll operative for early adopters
Single Touch Payroll (STP) is here. It had a “soft” or voluntary start on 1 July 2017. From that date, employers may choose to report under STP. For those who qualify (ie employers with 20 or more employees), STP will be mandatory from 1 July 2018. For employers with 19 or fewer employees on 1 April 2018, their reporting obligations will not change. […]
SMSF annual return: key changes for 2016–2017
The ATO has released the 2017 self-managed superannuation fund (SMSF) annual return and instructions. Key changes for 2017 include the transitional CGT relief for super funds as part of the 1 July 2017 reforms, reporting on limited recourse borrowing arrangements (LRBAs) and early stage investor tax incentives. […]
Super reforms: changes to TRIS, CGT relief, pension cap and LRBA integrity rules
The Treasury Laws Amendment (2017 Measures No 2) Act 2017 makes a range of technical amendments to the super reform legislation. TRIS rules for becoming retirement phase pension The amendments deem a transition-to-retirement income stream (TRIS) to be in retirement phase where the recipient of the income stream has satisfied a condition of release with […]
Work-related deductions denied: lack of documenting evidence
A pipe fitter has been denied deductions by the Administrative Appeals Tribunal (AAT) for work-related expenses. The AAT disallowed the claims because the taxpayer was unable to produce adequate documentary evidence. […]
ATO update on Manage ABN Connections
The ATO says feedback from tax professionals on the Manage ABN Connections identified that further work is required to meet their needs. The ATO advised that the myGov login is therefore not currently available to access the Tax or BAS Agent Portals. If a tax agent’s client already has a myGov account linked to the […]
Instant asset write-off extended for small business entities
The Treasury Laws Amendment (Accelerated Depreciation For Small Business Entities) Act 2017 extends the period during which small business entities (SBEs) can access accelerated depreciation. The extension is for 12 months, ending on 30 June 2018. SBEs will be able to can claim an immediate deduction for depreciating assets that cost less than $20,000, provided the asset […]
Tax cut for small business: ATO will amend returns
For the 2016–2017 income year, the company tax rate for small businesses decreases to 27.5%. Companies with turnover of less than $10 million are eligible for this rate. The maximum franking credit that can be allocated to a frankable distribution has also been reduced to 27.5% for these companies. The reduced company tax rate of […]
Superannuation
No major new super measures, but 1 July reforms loom large The Government did not announce any new major superannuation measures in the Budget. This will be a welcome relief for the super industry, which already has enough on its plate with major reforms set to start on 1 July 2017. As is the case […]
