We are pleased to supply you with the April 2016 edition of our Tax Newsletter, which contains information on a number of important taxation developments up to and including 16 March 2016:
- Deadline looming for SMSF collectables compliance – SMSF trustees have until 1 July 2016 to comply with strict rules concerning collectables acquired before 1 July 2011.
- Overseas student debts: repayment threshold – From 1 July 2017, Australians living overseas who earning above the repayment threshold will be required to repay their student debts.
- ATO data-matching for insured “lifestyle” assets – The ATO is working with insurance providers to identify policy owners on a wider range of asset classes.
- Market value of shares is not the selling price – The AAT has agreed with a taxpayer’s arguments concerning a share sale, with the result that he could access tax concessions.
- Individual not a share trader – The AAT has found that a childcare worker was not a share trader, which meant her claims for share losses were denied.
- Small business restructures made easier – The Government has made changes to the tax law to provide tax relief for small businesses that restructure.
- Tax law changes to treatment of earnouts – Tax law changes have been enacted to change the treatment of the sale and purchase of businesses involving certain earnout rights.
Please contact us if you wish to discuss how the points raised in this Tax Newsletter specifically affect you.