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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.

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Notes Online Home 2021 Tax Schools Day 1 What’s new for Individuals
An NTAA guide to recent developments affecting the 2021 Individual (‘I’) return

These seminar notes will provide a NTAA guide to recent developments affecting the 2021 Individual (‘I’) return, more specifically:

  • Bringing forward the Personal Income Tax Plan to 2021 – an economic stimulus measure
  • Sole trader enhancement for ‘profile compare’
  • Granular data update for the 2021 ‘I’ return
  • Managing JobKeeper prefill information
  • New reporting rules for the new temporary full expensing depreciation measure in 2021
  • Proposed changes to the 2021 ‘I’ return under proposed private health insurance reforms
  • Increased reporting rules for testamentary trust distributions to minors
  • Avoiding the dangers with claiming business losses on the 2021 ‘I’ return

Chapters and Articles in 2021 Tax Schools Day 1

Taxing tips and traps for employees receiving employment termination payments (‘ETPs’)

Dealing with legal expenses that relate to disputes on termination of employment

Identifying when self-education expenses can be claimed for employees who lose their job

Transferring an existing novated leased car to a new employer – after-tax savings!

Latest developments affecting data matching

The latest assault on work-related expense claims for individual taxpayers

Interest deductions for rental properties in the ATO’s firing line – high risk claims!

ATO targets super withdrawals under the new temporary COVID-19 early release scheme

Claims for personal super contributions in the ATO’s firing line in light of COVID-19

An NTAA guide to recent developments affecting the 2021 Individual (‘I’) return

Increased Small Business Income Tax Offset (‘SBITO’) applies for 2021

Major developments for individuals using their home for work or business

NEW ATO rulings for travel expense claims

Latest tax issues for landlords who are affected by COVID-19

Latest NTAA guide on when a client is carrying on a rental property business

Individual director denied deduction for settlement payment for insolvent trading

New residency developments for outbound and inbound individuals

Tribunal scrutinises an employee’s claim for a ‘work horse’ vehicle – Bell’s case

Tribunal scrutinises an employee’s claims for work expenses – Lambourne’s case

Changes to the contribution rules apply from 1 July 2020