Miscellaneous

Div.293 Concessional Contribution Assessments Have Been Issued

By Warren Kruger / September 21, 2021 / 0 Comments

  | | | The ATO has recently issued approximately 30,000 Division 293 assessments for the 2018/19 and 2019/20 financial years. Division 293 tax is an additional tax on super contributions, which reduces the tax concession for individuals whose combined income and contributions are greater than the Division 293 threshold (currently $250,000). Due to a […]

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Extension Of Time To Make Repayments On Division 7A Loans

By Warren Kruger / July 6, 2021 / 0 Comments

| | | Under a complying Division 7A loan from a private company, the borrower must make minimum yearly repayments (‘MYR’) before the end of the lender’s income year to avoid the loan being treated as an assessable dividend. To offer more support due to the ongoing effects of COVID-19, an extension of the repayment […]

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Cash Payment Limit Bill Shelved

By Warren Kruger / February 25, 2021 / 0 Comments

  | | | It appears that the Government has decided not to proceed with its proposal to limit cash payments in Australia to $10,000. This measure was originally raised as part of the 2018/19 Budget, and the Government subsequently introduced a Bill to the House of Representatives, proposing to make it an offence for […]

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ATO Data-Matching Programs

By Warren Kruger / February 2, 2021 / 0 Comments

  | | | The ATO has announced it will engage in the following data-matching programs: it will acquire motor vehicle registry data from state and territory motor vehicle registry authorities for 2019/20 through to 2021/22, with records relating to approximately 1.5 million individuals to be obtained each financial year; and it will acquire data […]

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Treasury Laws Amendment – Testamentary Trust Distribution To Minors

By Warren Kruger / July 14, 2020 / 0 Comments

| | | Treasury Laws Amendment (2019 Measures No 3) Bill 2019 has passed both Houses of Parliament and is now law. Testamentary Trusts and Minors This legislation contains amendments to ensure the tax concessions available to minors in relation to income from a testamentary trust only apply in respect of income generated from assets […]

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Shortcut Method To Claim Deductions If Working From Home

By Warren Kruger / May 12, 2020 / 0 Comments

  | | | As the situation around COVID-19 continues to develop, the ATO understands many employees are now working from home.  To make it easier when claiming a deduction for additional running costs you incur as a result of working from home, special arrangements have been announced. A simplified method has been introduced that […]

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