KBH Articles & News

MAY 2018 Report

  • ATO closely examines work-related car expenses – The ATO is concerned about taxpayers making mistakes or deliberately lodging false claims for work-related car expenses, and will closely examine claims in 2018 tax returns.
  • Data matching finds taxpayers with unnamed Swiss bank accounts – More than 100 Australians have been identified as “high risk” and will be subject to ATO investigation.
  • CGT main residence exemption to disappear for non-residents – A Bill that is currently before Parliament proposes to change who can qualify for the CGT main resident exemption.
  • Residential rental property travel expense deduction changes – Individuals, SMSFs and “private” trusts and partnerships can longer claim tax deductions for non-business travel costs related to their residential rental properties.
  • Government to increase civil penalties for white-collar crime – the Federal Government has agreed to increase the civil penalties for corporate and financial misconduct, for both individuals and bodies corporate.
  • Businesses, get ready: GST on low value goods – From 1 July 2018, GST will be imposed on the supply low value goods from outside of Australia to Australian consumers.
  • Financial Complaints Authority takes shape – The Federal Minister for Revenue and Financial Services has announced the authorisation of the new financial dispute resolution scheme, the Australian Financial Complaints Authority (AFCA).
  • Banking Royal Commission wraps up evidence on financial advice – The Royal Commission has adjourned until 21 May 2018.
  • ATO assessments issued for excess super pension balances – The ATO warns that SMSF members may receive an ETB assessment even if they didn’t receive an ETB determination.

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