Deduction for association subscriptions — eligibility can endure into retirement Many professional, business or trades people are members of an association, and during their working life subscribe to an appropriate organisation. Deduction for association subscriptions In most cases the membership of a trade union for example, or professional association relevant to workers in a particular...

Investment products may be held as trading stock by a taxpayer carrying on a business of share trading or options trading. However, whether a particular parcel should be treated as trading stock must be determined on a case-by-case basis. Generally, the tax issues facing share traders versus passive investors are summarised below. Tax treatment of...

The ATO says its base tax penalty amount may be increased or reduced. The base penalty amount may be increased where the taxpayer hinders the ATO, but it also may be reduced in the following circumstances. Voluntary disclosure The voluntary disclosure to the Commissioner of a tax shortfall will result in a reduction of the...

The ATO has recently released the latest of what has become a regular update on the state of the SMSF market. The Self-managed super fund statistical report, with the latest covering the quarter to March this year, has become an anticipated overview for many in the SMSF arena — containing as it usually does some...

If you are planning to permanently move out of the country before the end of this financial year, you may be able to have your tax return lodged early. Generally, the ATO only accepts early lodgement of individual tax returns in certain circumstances. If you are a resident of Australia for tax purposes, returns lodged...

Investment returns can be on revenue or capital account. Similarly investment expenditure could also be on revenue or capital account. The distinction between revenue and capital is not always clear and the characterisation of a receipt will ultimately depend on the circumstances that apply to the taxpayer. The distinction between an income and capital receipt...

As if the new transfer balance cap rules were not complicated enough, the government has passed legislation that complicates it further where an SMSF starts a limited recourse borrowing arrangement (LRBA) from 1 July 2017. Treasury was concerned that some trustees would try to get around the $1.6 million transfer balance cap (TBC) through the...

The CGT relief concessions that are available to small businesses can be very generous. However they can also be complex and confusing, so knowing a few of the finer details can go a long way to ensuring your small business can take best advantage of them. It’s never too early to consider an escape plan,...

Please click the link below to access the Wallace Partners Client Information Newsletter September 2017 Wallace Partners CIN September 2017

ATO announces what’s new in pre-filling The ATO has published what pre-fill information is available for this Tax Time. It says the pre-filling service can cross-check information with data held by the ATO. This will help ensure the accuracy of returns. The pre-filling service 2017 includes the following updates and new data: reportable fringe benefits...