Big changes proposed to eligibility for the CGT SBCs
The Treasurer has released draft legislation containing new "integrity improvements" to the CGT small business concessions ('SBCs') (i.e., including the 15-year exemption, the retirement exemption, the 50% active asset reduction and the small business roll-over).
ATO's focus on work-related expenses
This year, the ATO is paying close attention to what people are claiming as 'other' work-related expense deductions, so it's important when taxpayers claim these expenses that they have records to show:
Taxpayer can't explain where she got the money to pay her expenses
The Administrative Appeals Tribunal has upheld amended assessments issued by the ATO to a beauty technician, based on the high volume of money passing through the taxpayer's various accounts when compared with the modest income she had included in her tax returns.
Uber driver not an 'employee'
In a recent case, an Uber driver's access to the Uber app had been terminated as a result of failing to maintain an adequate overall rating, and he applied to the Fair Work Commission (FWC) for an unfair dismissal claim against Uber.
Government to fix a problem with reversionary TRISs
The government has released draft legislation to ensure that a reversionary Transition to Retirement Income Stream (‘TRIS’) will always be allowed to automatically transfer to eligible dependants (i.e., upon the death of the primary recipient).
New small business benchmarks are available
The ATO has updated its small business benchmarks with the latest data from the 2015/16 financial year.
Guide to the new Small Business Super Clearing House
The Small Business Superannuation Clearing House (SBSCH) joined the ATO's online services on 26 February 2018.
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