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Family businesses make a significant contribution to the Australian economy and in many cases, there is legacy and opportunity in passing on the business to the next generation. This month, we're exploring the top issues that tend to arise with generational succession.

We're also looking at GST on imports, ATO warnings on deductions, simpler BAS, and tax treatment of travel costs.

	Generational Succession: Do Your Kids Really Want to Take Over Your Business? Handing your business across to your family seems like it should be straightforward, but it's important to ensure you to manage it closely and diligently to avoid misunderstandings and disputes.
	GST on Imports: New Rules for Goods Under $1,000 Last month, Parliament passed legislation that will see GST applied to all consumer imports regardless of their value.
	What Did I Miss? 1 July Changes July 1 saw the start of many of the Government's budgets measures – Find out what is changing for you.
	ATO Warning on Deductions The ATO has released a guide called Don't be a dummy with your deductions which is intended to serve as a warning to taxpayers as the 2017 income year comes to an end.
	Simpler BAS from 1 July 2017 The ATO has been working on the development of a simpler BAS for certain small business taxpayers.
	Tax Treatment of Travel Costs The ATO has released updated guidance on the tax treatment of travel expenses for individual taxpayers as well as employers.

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This article is provided for information purposes only and correct at the time of publication. It should not be used in place of advice from your accountant. Please contact us on 02 9957 4033 to discuss your specific circumstances.