1st Quarter 2019

From 1 July 2017, travel expenses relating to a residential investment property are not deductible.

A residential property is land or a building that is occupied as a residence or for residential accommodation, intended to be occupied, and is capable of being occupied, as a residence or for residential accommodation.

ATO TARGETING WORK-RELATED CAR EXPENSE CLAIMS

The Australian Taxation Office (ATO) has announced that it will be closely examining claims for work-related car expenses this tax time as part of a broader focus on work-related expenses.

From 2 July 2018, the Child Care Benefit and Child Care Rebate your family receives will change. One new Child Care Subsidy will replace the two current child care payments. The Child Care Subsidy will be paid directly to services.

TRANSITIONAL CGT RELIEF OPTION ENDS

A key part of lodgement this financial year for self-managed super fund (SMSFs) trustees is the decision about whether to apply for transitional capital gains tax (CGT) relief. It’s important that trustees are aware that CGT relief is not automatic, and you have to apply. Once an election to apply the relief is made, the decision is irrevocable.