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Disclaimer
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.

Document Type

Publication

Pages

212

Published

September 21, 2020

Notes Online Home 2016 Tax Hot Spots

This publication, as a whole, is available in HARDCOPY only

Topics included in these notes cover:

  • What’s NEW in 2016
  • Trust Update for 2016
  • The latest guide on the CGT small business concessions
  • GST developments in 2016
  • Latest developments for SMSFs
  • Important practitioner issues in 2016
  • Tax practitioner board update

Chapters and Articles in 2016 Tax Hot Spots

GST Developments in 2016

Taxpayers not carrying on an enterprise miss out on input tax credits

Property managers acting as ‘agents’ denied claims for GST input tax credits

New Rules bring offshore supplies in the GST net

Important practitioner issues in 2016

Determining market value for tax

Danger when assisting foreign clients with property purchases

Director penalty notices and the timing requirements

Latest developments for SMSFs

ATO takes ‘dead aim’ at using an SMSF as part of a business succession plan

New reporting form for concessional contributions reserving strategy

New rules provide greater certainty for SMSFs under the borrowing concessions

Paperwork requirements that secure a tax exemption for an SMSF

Starting a pension upon reaching aged 60

ASIC attacks SMSF auditors who fail to satisfy the independence requirements

Federal Court imposes civil penalties on SMSF trustees for loans to members

Tax practitioner board update

Tax agents who did not meet own tax obligations fail ‘fit and proper person’ test

New annual declaration requirement for BAS and tax agents

TPB update on tax agent qualifications and experience

The latest guide on the CGT small business concessions

Recent Court decision potentially provides greater access to CGT SBCs

Recent case highlights ‘perils’ with the treatment of loans under the CGT SBCs

Dangers with applying roll-over relief to transfers to a wholly-owned company

Trust Update for 2016

A bittersweet win for the Commissioner in Thomas’ case

Tax Sting for trust beneficiary who was unaware of trust distribution

New ‘third party reporting rules’ require trustees to report information to the ATO

Recent case highlights the importance of a trust’s appointer in a family dispute

What's New in 2016

New Small business CGT roll-over for tax-effective business restructures

Startup incentives for business

New withholding tax obligations for property acquired from foreign residents

New rules provide greater flexibility for companies to carry forward tax losses

New developments for Division 7A loans reveal hidden dangers for the unwary

Taxpayer hit with tax bombshell on termination of their employment

No deduction for self-education fees incurred after ceasing employment

Recent case provides a huge WIN for employers under the Super Guarantee rules

Increasing the statutory effective life of in-house software

Claiming website development costs

New ATO guidelines for mobile phone and internet usage claims

FBT and electronic bikes