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Recent Case Update

Recent Case Update Recent Case Update Editor: The following Case Summaries are taken from the notes for the June 2016 edition of Tax on the Couch. TBCL and Commissioner of Taxation [2016] AATA 264 The AAT has held that the parents of their 22 year old child were not in an ‘interdependency relationship’ with him […]

Partnership ABNs cancelled

Partnership ABNs cancelled Partnership ABNs cancelled The Registrar of the Australian Business Register (ABR) will soon start cancelling the ABNs of partnerships where there is evidence they are no longer carrying on an enterprise. If a client has not lodged an income tax return or activity statement for the last two years, their ABN may […]

New Simpler BAS on the way

New Simpler BAS on the way New Simpler BAS on the way The ATO has been working with small businesses, tax professionals, industry associations and software providers on ways to deliver a simpler business activity statement (BAS) to make GST record keeping easier and less costly. To achieve this, several GST labels will be removed […]

ASIC accepts another enforceable undertaking

ASIC accepts another enforceable undertaking ASIC accepts another enforceable undertaking Editor: In 2012, in response to the growth in SMSFs, ASIC established the SMSF Taskforce, and the Taskforce continues to examine high-risk and emerging SMSF issues such as property spruiking to SMSFs, unlicensed conduct, and false and misleading advertising of SMSFs. ASIC has accepted an […]

Business Advisors

Business Advisors ARE MILLENNIALS GOOD BUSINESS ADVISORS?  Business Advisors The Millennial generation has a lot of advantageous qualities to offer the business world – the drive to succeed, empathy for others, the need to ‘do good’ in the world and an astonishingly high grip on technology. They are innovative leaders developing new technology that is […]

ATO’s focus on trust property developers

ATO’s continuing focus on trust property developers In recent years, the ATO has focused on trusts developing and selling properties as part of their normal business. When these developed properties are sold, some trusts incorrectly claim a 50% CGT discount. Editor: See also TA 2014/1 – Trusts mischaracterising property development receipts as capital gains. As […]

SMSFs and Collectables – last opportunity to comply!

SMSFs and Collectables – last opportunity to comply! SMSFs and Collectables – last opportunity to comply! From 1 July 2011, SMSF investments in collectables and personal-use assets have been subject to strict rules under regulation 13.18AA of the Superannuation Industry (Supervision) Regulations 1994 (SIS Regulations) Editor: Assets considered collectables and personal-use assets include things like […]

ADAPTION TO CHANGE

ADAPTION TO CHANGE IN BUSINESS ADAPTION TO CHANGE In business, the need to adapt to change is vital to ensure your ongoing sustainability and success. Today’s business world is growing more competitive by the day, with the introduction of new disruptive businesses that are turning global markets on their head overnight. No longer can business […]

Disruptive Business

Disruptive Business Will disruptive businesses go away? In the short answer… no. If anything, disruptive businesses are on the rise and here to stay. With the technologically minded and innovative Millennial generation moving up the ranks and taking over the helm, disruptive businesses are becoming more common in the marketplace. The Millennial generation’s drive to […]

SMSFs and dividend stripping arrangements

SMSFs and dividend stripping arrangements SMSFs and dividend stripping arrangements Editor: In November 2015, the ATO made an offer to SMSF trustees who may have implemented a dividend stripping arrangement substantially similar to the one described in Taxpayer Alert 2015/1 (TA 2015/1). SMSF trustees were invited to contact the ATO to make a voluntary disclosure […]