eWombat Search

Latest Accounting News
Hot Issues
Up to 9 in 10 ‘other’ expenses adjusted as ATO reveals dodgy claims
Downsizer Super Contribution
Tax payers to receive beefed up tax returns.
10 top global corporations since 1998
Catch-up Contributions
Life Insurance
Community tip-offs trigger ATO visits
Australia at a glance
2019: Tax Time Checklists - Individuals; Company; Trust; Partnership; and Super Funds
Small business clients need to be ready for STP by 30 September
Big four firm outlines new financial year checklist for SMSFs
Alert - Online Share Accommodation
ATO flashes warning over $7.2bn car expenses claims
Vital statistics for our great nation.
3 out of 4 tax dob-ins are about business
Tax on compensation received for inappropriate advice
‘Extra care’ crucial in avoiding ATO spotlight this tax time
ATO clears up FAQs about Single Touch Payroll
GST reporting: common errors and how to correct them
LRBAs, guarantees in need of review after property market falls
Victorian Property Valuation Cycle
Australia - toward EOFY 2019
Australian Taxation Office (ATO) expects 200,000 to miss out on refunds by failing to lodge
Biggest personal tax cuts in a decade a priority for Government
Government rules out GST changes following ATO report
ATO issues warning after ‘unprecedented’ spike in impersonation scams
Crypto transactions in ATO sights with new data-matching program
Articles archive
Quarter 2 April - June 2019
Quarter 1 January - March 2019
Quarter 4 October - December 2018
Quarter 3 July - September 2018
Quarter 2 April - June 2018
Quarter 1 January - March 2018
Quarter 4 October - December 2017
Quarter 3 July - September 2017
Quarter 2 April - June 2017
Quarter 1 January - March 2017
Quarter 4 October - December 2016
Quarter 3 July - September 2016
Quarter 2 April - June 2016
Quarter 1 January - March 2016
Quarter 4 October - December 2015
Quarter 3 July - September 2015
Quarter 2 April - June 2015
Quarter 1 January - March 2015
Quarter 4 October - December 2014
Quarter 4 of 2017
Articles
SMSFs warned on ‘ticking time bomb’ with outdated deeds
Taxation ruling on commercial website deductibility
68% of SMEs ‘significantly stressed,’ 85% rely on accountants
Statutory wills are underutilised in estate planning
Small business slips on lodgement deadlines
300,000 SMEs utilising $20K write-off, says ATO
‘A bad thing times 10’: ATO set for new SMSF blitz
Capital Gains and Renounceable Rights
Paperwork bungles lead to $38k in payments
Australian Dietary Guidelines and healthy eating chart (PDF)
Former director liable for company’s unpaid tax liabilities
Super for housing measures enter Senate
No Special Circumstances to allow Excess Super Contributions
Housing tax measures progress to Parliament
AirBnb – wrong tax outcome?
Are young investors wasting their youth?
ATO sending 'more letters than ever' on income tax errors
Powerful Budgeting, cash flow and Super Tools available on our site.
Property, unit trusts in ATO's sights
Australian Dietary Guidelines and healthy eating chart (PDF)
Major Bank Levy Passed
NSW tops list as ATO reveals billions in lost super
Housing tax measures progress to Parliament

Legislation for a number of housing affordability tax measures announced in the federal budget 2017 are being introduced to Parliament today.



       


 


Four key tax measures from the government’s housing affordability package will be introduced to parliament today according to a media release from Treasurer Scott Morrison.


One measure is the First Home Super Saver Scheme (FHSSS) which will enable prospective first home buyers to save for a deposit inside superannuation.


PwC private clients director, Liz Westover, and Deloitte superannuation head, Russell Mason, have both previously voiced their support of this measure.


“What this does is give them the capacity to save in a tax effective environment without compromising those retirement savings,” Ms Westover said.


A more controversial measure that will prevent property investors from claiming travel expenses to inspect residential investment properties and limit the depreciation deduction claims investors will be able to make on properties purchased after 9 May 2017 was also introduced.


The Institute of Public Accountants' senior tax adviser, Tony Greco, recently told Accountants Daily that he believes these measures go against the basis of Australia’s tax system.


“The premise behind our tax system is the ability to claim an expense against the revenues, so what they're doing is they're altering that fundamental right,” Mr Greco said.


The government’s foreign resident vacancy levy, which will place an annual vacancy charge on foreign residential real estate owners if their property is not occupied or available on the rental market for at least six months in a 12-month period, will also be introduced.


Finally, a downsizing measure will be introduced, which will allow older Australians to contribute proceeds from the sale of their family home into their superannuation accounts.


 


LARA BULLOCK
7 Sep 2017
accountantsdaily.com.au




21st-October-2017
 

Stapleton Group: Suite C, 6 – 8 Floriston Road Boronia VIC 3155 | Phone: (03) 9760 7800 | Fax: (03) 9760 7860