We are pleased to supply you with the August 2016 edition of Tax Newsletter, which contains information on a number of important taxation developments up to and including 13 July 2016:
- ATO small business benchmarks updated – The ATO has announced the latest benchmarks for small businesses.
- SMSF early voluntary disclosure service for contraventions – The ATO has introduced a new SMSF early engagement and voluntary disclosure service.
- New tax governance guide for SMSFs – The ATO has released a new tax governance guide that can be used by SMSFs.
- Property developer entitled to capital gain tax concession – A property developer has been successful in arguing that a property sold for a profit had been acquired as a capital asset.
- Superannuation concessional contributions caps must be observed – An individual has been unsuccessful in seeking to have excess super concessional contributions ignored.
- Help the kids buy homes, but watch for land tax – A father has been unsuccessful in a land tax dispute in arguing that he was a trustee in relation to homes bought for his adult children.
Please contact us if you wish to discuss how the points raised in this Tax Newsletter specifically affect you.