Can a Director be personally liable for ATO Debts?

We have written in past editions of the S & W Insight of the risks directors run in becoming personally liable for ATO debts. This is an issue that needs to be continually reviewed as the protection that a company structure provides the director, can be easily lost in certain circumstances. It is important to remember the situations where a … Read More

Rental Property Travel Deductions are now denied

Further to past editions of S & W Insight, and as announced in the May budget, travel deductions claimed on rental properties are now denied.  The new law governing this denial was passed on 15 November 2017 with effect from 1 July 2017. The law effectively denies most owners of residential properties deductions for travel expenses related to their properties. … Read More

November 2017 International Newsletter

REMOVAL OF CGT MAIN RESIDENCE EXEMPTION FOR FOREIGN RESIDENTS Our May 2017 newsletter summarised the Budget announcement that the main residence exemption from CGT would be removed for foreign residents.  Draft legislation and explanatory material are available here. Prior to the Budget announcement, it was possible in the right circumstances for foreign residents to claim the CGT exemption on a … Read More

Why Should I Make A Family Trust Election?

Just because your family trust includes the words “Family Trust” in its name, doesn’t mean your family trust is a family trust for income tax purposes. Confused? To be seen as a Family Trust by the ATO the trust needs to make a Family Trust Election. What is a Family Trust Election? A Family Trust Election (FTE) is a choice … Read More

The scammers are very active at the moment!

We have received emails ourselves, and we have had similar reports from clients, from people pretending to be from ASIC.   The scam involves them advising that a particular registration (like a business name) is due for renewal at an upcoming date and that you must renew if you wish to continue using it. They then ask you to go … Read More

Rental property deductions you can’t claim anymore!

As mentioned in the May budget travel deductions can no longer be claimed against rental property rent from 1 July 2017. Deductions for travel to your residential rental property will no longer be available. Therefore costs such as travel costs of attending inspections, maintaining the property or collecting rent, travel to meetings with property agent or strata meetings will be … Read More

New super laws and real-time reporting

New super laws and real-time reporting As we approach the end of the first quarter of the new super reforms which came into effect on 1 July 2017, here is an update on the ATO’s mandated near real-time reporting for SMSFs. What is real-time reporting? Also known as ‘events based reporting’, real-time reporting is to streamline the reporting of member … Read More