We are pleased to supply you with the March 2016 edition of our Tax Newsletter, which contains information on a number of important taxation developments up to and including 17 February 2016:
- Tax relief for small businesses that restructure on the way ? The Government has proposed changes to the law to provide tax relief for small businesses that restructure.
- Trust ABNs to be cancelled if no longer carrying on business ? The ATO has advised that the Registrar of the ABR will begin cancelling the ABNs of approximately 220,000 trusts.
- Withholding tax for car allowances ? If employers who have been paying car allowances at a higher rate have not been withholding tax, they should start now.
- Travellers with student debts need to update contact details ? People with student debts who are moving overseas may need to update their contact details with the ATO.
- Small business tax concession refused as threshold test failed ? The Federal Court has denied a taxpayer access to the small business CGT concessions.
- “Wildly excessive” tax deduction claims refused ? An individual has been largely unsuccessful before the AAT in claiming work-related tax deductions.
- GST credits not available for payments on behalf of super funds ? The ATO has issued GST Determination GSTD 2016/1, which provides whether employers can claim input tax credits for expenses paid on behalf of superannuation funds.
Please contact us if you wish to discuss how the points raised in this Tax Newsletter specifically affect you.