News Archives

The sharing economy has gained significant ground in the Australian economy as property owners and car share providers look to gain better returns on their assets through short-term rental.

However, both are squarely in the crosshairs of the ATO as it seeks to data match income against tax returns and deductions. This month we look at how the ATO is actively examining more than 190,000 taxpayers and car sharing providers.

Also this month, we look at last minute tax and franking rate changes, new rules about paying back HELP debts, safe harbours for inherited foreign property, and new leave entitlements for people experiencing domestic violence.

As always, if you have any queries, contact our team on 9957 4033.

	It's Time to Register Your Trading Name The Australian Business Register will soon be removing trading names from its database from October 31, 2018 unless they are registered with the Australian Securities and Investments Commission (ASIC), which could create headaches for some business owners.
	190,000 Taxpayers 'Examined' in ATO Online Rental Blitz Looking to make some extra income from your property via short-term rentals? If so, you should be aware that the ATO has announced its new data-matching program targeting taxpayers who offer their spare space on platforms such as AirBnB and Stayz.
	Last minute changes to company tax and franking rate passed by Parliament Legislation passed by Parliament late last month introduces a new test that will restrict some companies from accessing the lower company tax rate from the 2017-18 financial year.
	Got a HELP debt? The impending changes to speed up your repayments The Government is speeding up the payment cycle for students with outstanding debt that, to them, appear to be 'eternal students' who study but never earn an income.
	New domestic violence leave entitlements come into force A Fair Work Commission decision created a new entitlement for most Australian employees; unpaid family and domestic violence leave.
	Tax 'safe harbour' for inherited property If you've had the good fortune to inherit property, there are particular conditions that must be met within the main residence exemption provisions to avoid a nasty capital gains tax bill.
	ATO takes its share of car sharing As the 'sharing' economy continues to flourish in Australia, the extra income has caught the attention of the ATO for car sharing services.

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Disclaimer

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.