VACANT LAND DEDUCTION CHANGES HIT ‘MUM & DAD’ PROPERTY DEVELOPMENTS
Legislation that passed through Parliament last month prevents taxpayers from claiming a deduction for expenses incurred for holding vacant land.
THE $11.1BN SMALL BUSINESS TAX SHORTFALL
Last month, the ATO released statistics showing small business is responsible for 12.5% ($11.1 billion) of the total estimated ‘tax gap’.
ATO TAKE ‘GLOVES OFF’ ON OVERSEAS INCOME
Five years ago, the Australian Taxation Office (ATO) offered a penalty amnesty on undisclosed foreign income.
SUPER, INSURANCE & EXIT FEES: THE 1 JULY CHANGES
From 1 July 2019, new laws prevent superannuation funds from eroding member balances with unwanted or unnecessary insurance and exit fees.