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These notes are intended to be a guide only. None of the comments contained in these seminar notes are intended to be advice, whether legal, financial or professional. You should not act solely on the basis of the information contained in these notes because many aspects of the material have been generalised and the tax laws apply differently to different people in different circumstances. Further, as tax and related laws change frequently, there may have been changes to the law since the notes were written. Specific advice should always be obtained from a tax professional.
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Notes Online Home 2014 Tax Hot Spots II What's new in 2014
In this chapter of the notes we discuss recent tax developments under the following broad headings:
- Tax planning and other issues with the New Temporary Budget Repair Levy
- Big WIN for developers who rent out property
- Dangers with payments to offshore entities – Task Technology
- Current status of Budget announcements
- CGT issues when changing from ‘cash to accruals’ income recognition
- Good news as recent cases find taxpayers to be independent contractors and not employees
- Recent case denies interest deduction for proposed property development
- Rental property business put under ‘blowtorch’
- Share losses held to be on capital account
- Taxpayer avoids tax on foreign employment income as ‘usual’ home was overseas
- ATO delivers update to employers on FBT issues
- Home loan offset accounts
- Family Trust Elections
- More changes to the Private Health Insurance (‘PHI’) rebate
- Overhaul of the PAYG instalment rules
- Dividend washing
- Project DO IT: the ATO offer taxpayers a reprieve on undisclosed foreign income