Tax Update July 2013
Specific tax rule to prevent dividend washing
The Assistant Treasurer has announced that the Government will introduce a specific tax rule to prevent “dividend washing”.
Individual denied interest deduction
The Administrative Appeals Tribunal (AAT) has denied a taxpayer’s claim for interest deductions incurred in relation to rental properties owned by a trust.
Overseas doctor a tax resident of Australia
A doctor has been unsuccessful before the AAT in arguing that he should be declared a non-resident of Australia for
tax purposes.
Partnership denied GST credits
The AAT has held that a partnership was not carrying on an enterprise and was not entitled to input tax credits it
had claimed.
Division 7A benchmark interest rate
The ATO has advised the benchmark interest rate for the 2013-2014 income year.
Reasonable travel and meal allowance amounts
The ATO has announced the reasonable travel and meal allowance amounts for the 2013-2014 income year.
Specific tax rule to prevent dividend washing
The Assistant Treasurer has announced that the Government will introduce a specific tax rule to prevent
“dividend washing”.
Car depreciation limit
The ATO has announced the car depreciation limit for the 2013-2014 income year.
Key superannuation changes
The Government has made key superannuation changes concerning excess concessional contributions, higher contribution caps for older Australians and extra contributions tax for high income earners.
Tax Update 2 Client Alert June 2013 Budget Edition
Cap on work-related self-education deductions
The Government has proposed a $2,000 cap on tax deduction claims for work-related self-education expenses.
ATO data-matching programs
The ATO has recently announced new data-matching programs targeting employers, student and temporary work
visa holders, and online sellers.
ASIC warns of property spruikers focusing on SMSFs
ASIC has issued an alert on property spruikers who encourage people to set up a self managed superannuation
fund to gear into real property.
Major superannuation reforms announced
The Government has recently made a number of important announcements affecting superannuation.
“Holiday home” included in tax concession test
The Administrative Appeals Tribunal (AAT) has refused a corporate taxpayer’s claim for the small business
CGT concessions.
Small business benchmarks catch out florist
The AAT has affirmed tax assessments issued to a florist that were based on the ATO’s small business
performance benchmarks.
FBT rates and thresholds 2013–2014
The ATO has announced important FBT rates and thresholds for the 2013–2014 FBT year, which commenced
on 1 April 2013.
GST tax invoice information requirements
The ATO has released a Ruling setting out the minimum information requirements for a tax invoice under the
GST law.
We also enclose a special Budget edition outlining key announcements of the May 2013 Federal Budget, and
handy Tax Return Checklists to assist your clients in compiling the necessary information before seeing you
about their tax returns.
The Explanatory Memorandum expands on the articles in the newsletter to assist you with your clients’ queries.
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