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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 18, 2020

Notes Online Home 2017 Tax Schools Day 1

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

These seminar notes cover the following topics:

  • Major reforms to the superannuation contribution rules
  • Other new developments for individuals
  • The essential tax guide for share traders and share investors
  • ATO’s individual audit hot spots for 2017 

Chapters and Articles in 2017 Tax Schools Day 1

Latest ATO audit and other developments for work-related expense claims

Danger claims for rental properties in 2017

ATO targets ‘lifestyle’ assets that are not being correctly dealt with for tax purposes

Major changes affecting the capping regime for non-concessional contributions (‘NCCs’)

Changes affecting the capping regime for concessional contributions (‘CCs’)

Extending tax deductions for personal super contributions

Extending the Division 293 (15% additional) tax for concessional contributions (‘CCs’)

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Extending tax offset for spouse contributions

Changes to the co-contribution concession

The Low Income Superannuation Tax Offset

Summary table – the key contribution reforms

New tax regime introduced for Working Holiday Makers from 1 January 2017

ATO introduces new reporting solution for non-commercial losses (‘NCLs’)

Changes affecting the Farm Management Deposits (‘FMD’) scheme

New reporting rules for reportable fringe benefits on the 2017 ‘I’ return – Item IT1

Latest developments with claiming the Small Business Income Tax Offset

The latest developments affecting the foreign resident CGT withholding rules

Lump sum withdrawal election for super pensions removed from 1 July 2017

Employee transporting bulky work tools from home to work denied travel claim

Employees travelling to short-term jobs not considered itinerant workers

Latest ATO guidelines for claiming travel related meal and accommodation costs

Tribunal unveils apportionment trap with claiming home office occupancy costs

Recent developments on the residence status of Australians working overseas

Changes affecting the 2017 'I' return - an overview

Devi’s case – share trader or share investor?

Tax issues for share traders and investors

Claiming interest after shares are sold

Can a share trader hold shares for investment purposes?

Shares acquired by options trader are trading stock

Using the trading stock rules to claim losses for share traders before shares are sold

Can shares held as trading stock be converted to capital account and vice versa?