KBH Articles & News

JULY 2018 Report

  • Business lending practices in spotlight at Royal Commission – The Financial Services Royal Commission’s third round of hearings focused on the conduct of financial services entities when providing credit to small and medium enterprises.
  • Personal tax cuts now law – The legislation to enact the Government’s seven-year personal income tax reform plan passed Parliament on 21 June 2018.
  • GST property settlement online forms – From 1 July 2018, purchasers of newly constructed residential properties or new subdivisions are required to remit GST directly to the ATO as part of settlement.
  • Major ATO focus on work-related clothing and laundry this tax time –In 2017 around six million people made claims for work-related clothing and laundry expenses, totalling nearly $1.8 billion. The ATO believes many taxpayers are making mistakes or deliberately over-claiming.
  • Advisory Board to help clamp down on the black economy – The new Government-established Board will include members of the private and public sectors who will provide strategic advice on trends and risks in the black economy.
  • Superannuation system: Productivity Commission draft report – The draft report recommends a range of changes to improve Australia’s superannuation system.
  • SMSF compliance: don’t slip up – The 2016-2017 financial year includes a few twists and turns which trustees should factor in to avoid late lodgment.

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