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Trusts' ABNs to be cancelled if no longer carrying on business

Friday 11 March 2016

The ATO has advised that the Registrar of the Australian Business Register (ABR) will begin cancelling the Australian Business Numbers (ABNs) of approximately 220,000 trusts, where there is evidence they are no longer carrying on an enterprise. Read more

Tax relief for small businesses that restructure on the way

Monday 7 March 2016

The Government has proposed amendments to the law to provide tax relief for small businesses that restructure on a genuine basis. Read more

ATO starts issuing "certainty" letters

Friday 29 January 2016

The ATO announced on 6 October 2015 that it will commence a "certainty letter" initiative through which it will send letters to approximately 500,000 taxpayers informing them that their 2015 tax returns are finalised. The aim of this initiative is to provide certainty to taxpayers who have met their tax obligations for the 2015 income year. Only select taxpayers who meet the following criteria can expect to receive the letters. Read more

Time to wind up your SMSF? Your list of do's and don'ts

Thursday 28 January 2016

Self Managed Super Funds (SMSF) are one of the most useful vehicles for Australians to take charge of their financial future. But SMSF's don't last forever. There will in all likelihood come a time when you will need to wind up your self-managed superannuation fund (SMSF). We outline why a SMSF might need to be wound up and provide some important do's and don'ts for when it happens. Read more

CGT roll-over for small business restructures on the way

Thursday 28 January 2016

The Government has released exposure draft legislation that proposes to provide roll-over relief for small businesses that change their legal structure. The proposed measures were announced in the 2015-2016 Federal Budget, and will apply to the transfers of assets occurring on or after 1 July 2016. Read more

Property transactions: Got an appropriate valuation?

Wednesday 27 January 2016

Not all taxpayers may be aware of how the use of estimates can affect their annual tax bill. Estimates are most commonly used in apportioning expenses between private and business use. More important however is the use of valuations to estimate the cost of transactions that are not arm's-length or when no actual cash changes hands. A common example of this is in respect of property transactions. Read more