Miscellaneous
| | | 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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| | | 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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| | | 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 (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 […]
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| | | 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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| | | Where businesses provide car parking fringe benefits to their employees, the taxable value of these benefits must be calculated correctly to ensure they are meeting their fringe benefits tax (‘FBT’) obligations, regardless of the method used. The ATO has advised they may directly contact businesses who have engaged an arm’s length […]
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