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Tax ‘safe harbour’ for inherited property

By WSC Group | Created on September 11, 2018

When someone inherits a dwelling there are some special rules contained within the main residence exemption provisions that can provide a full exemption if certain conditions are met. If the conditions are not met, the beneficiary might face a nasty capital gains tax (CGT) bill for their good fortune.

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SG Amnesty still pending

By WSC Group | Created on September 11, 2018

The proposed superannuation guarantee (‘SG’) amnesty is a one-off, 12-month opportunity to self-correct past non-compliance (i.e., from 24 May 2018 to 23 May 2019).

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190,000 taxpayers ‘examined’ in ATO online rental blitz

By WSC Group | Created on September 11, 2018

The Australian Taxation Office (ATO) has announced a new data-matching program targeting taxpayers earning income from the exploding popularity of short-term rentals available on platforms like AirBNB and Stayz.

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Crowdfunding donations to help drought- affected farmers

By WSC Group | Created on September 11, 2018

Editor: The ATO is currently offering various support measures to individuals and businesses from drought-affected communities to help with managing their tax and super obligations or who are struggling with their mental health.

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Got a HELP debt? The impending changes to speed up your repayments

By WSC Group | Created on September 11, 2018

The Government has moved to put an end to ‘eternal students’ who constantly study and never earn an income and speed up the payment cycle for those with outstanding debt.

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ATO takes its share of car sharing

By WCS Group | Created on September 11, 2018

The extra income earned by people taking part in car sharing services such as Car Next Door or DriveMyCar has come to the attention of the ATO. The car sharing services work by making private cars publicly available in a similar way to other car hire services – it’s like AirBNB for cars.

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New domestic violence leave entitlements come into force

By WSC Group | Created on September 11, 2018

A Fair Work Commission decision created a new entitlement for most Australian employees; unpaid family and domestic violence leave.

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Black economy recommendations will impact day-to-day business

By WSC Group | Created on September 11, 2018

Editor: Recently issued draft legislation has focused on introducing new measures to manage the growing cash economy (i.e., the ‘black economy’) in light of the Black Economy Taskforce recommendations and recent Federal Budget announcements.

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Division 7A benchmark interest rate for 2019

By WSC Group | Created on September 11, 2018

The benchmark interest rate for 2019, for the purposes of the deemed dividend provisions of Division 7A and the associated complying Division 7A loan agreements, has been set at 5.20% (i.e., down from 5.30% for 2018).

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Last minute changes to company tax and franking rate passed by Parliament

By WSC Group | Created on August 14, 2018

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.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.

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