We are pleased to supply you with the September 2016 edition of Tax Newsletter, which contains information on a number of important taxation developments up to and including 17 August 2016:
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Share economy participants reminded of tax obligations – The ATO reminds people who earn income in the share economy that they have tax obligations.
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Itinerant worker claim denied, so travel deductions refused – The AAT has held that a taxpayer was not an itinerant worker and therefore was not entitled to travel expense tax claims of some $38,000.
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ATO flags retirement planning schemes of concern — The ATO has launched the Super Scheme Smart initiative to warn people about problematic retirement planning schemes.
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Deductibility for gifts to clients and airport lounge membership fees – The ATO has clarified its views concerning businesses’ gifts to clients and employers’ payment of airport lounge membership fees for employees.
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Changes to $500,000 lifetime super cap confirmed – The Federal Treasurer says there will be some changes to the proposed $500,000 lifetime cap on non-concessional super contributions.
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Home exempt from land tax for “world-traveller” – A world-travelling taxpayer has been successful in seeking a land tax exemption for his home located in Victoria.
Please contact us if you wish to discuss how the points raised in this Tax Newsletter specifically affect you.