KBH Articles & News

SEPTEMBER 2018 Report

  • Super sector must address trust deficit – ASIC Chair James Shipton says the superannuation sector must be more mindful of the responsibilities that come with being the custodians of other people’s money.
  • Call to boost instant asset write-off to $100,000 – Australian Small Business and Family Enterprise Ombudsman Kate Carnell has called for the instant asset write-off for small businesses to be embedded in legislation and extended.
  • Tax return required for excess super non-concessional contributions – The ATO reminds that taxpayers need to lodge a tax return for any financial year they exceed the non-concessional contributions cap, and may have to pay extra tax.
  • APRA’s response to Productivity Commission draft report – APRA has agreed with a number of the Productivity Commission’s findings and recommendations on superannuation efficiency and competitiveness.
  • Protecting Super Bill: Senate Committee report – The Senate Economics Legislation Committee has recommended that the Treasury Laws Amendment (Protecting Your Superannuation Package) Bill 2018 be passed.
  • First Home Super Saver scheme: ATO guidance – The ATO has issued new guidance on the First Home Super Saver (FHSS) scheme, which is now operational.
  • ATO targeting car sharing platforms – Some people undertaking car sharing activities using third-party platforms might not understand the taxation implications involved.
  • Delay in extending reportable payments to courier and cleaning services – The ATO is implementing some practical work-arounds for tax measures because of the legislative logjam in Federal Parliament.

GST: supplies of real property connected with Australia – A new ruling sets out the ATO’s view on when supplies of real property are connected with the indirect tax zone (Australia).

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