We are pleased to supply you with the July 2016 edition of Tax Newsletter, which contains information on a number of important taxation developments up to and including 16 June 2016:
- Tax Time 2016: take care with work and rental property claims – The ATO encourages people to check their claims and understand what records they need to keep.
- SMSF borrowing arm’s-length terms deadline extended – The ATO has extended the deadline for SMSF trustees to ensure that certain borrowings are on arm’s-length terms.
- Lifetime $500,000 non-concessional superannuation cap – People may need to find out their non-concessional super balances following a Federal Budget announcement.
- ATO clearance certificates for property disposals – The ATO has formalised administrative processes to support a new foreign resident CGT withholding regime.
- Hotel owner liable to GST for accommodation supply – A hotel owner has been unsuccessful before the AAT in seeking a GST refund of $476,610.
- ATO to make new decision on superannuation death benefit – The AAT has ordered the Commissioner to request that a couple make an application for another private ruling.
Please contact us if you wish to discuss how the points raised in this Tax Newsletter specifically affect you.