March 2018

MLCo • March 4, 2018

ATTENTION SMALL BUSINESS OWNERS

The government has recently blindsided small business owners with draft legislation being released containing new "integrity improvements" to the CGT small business concessions (SBCs) . These changes include additional basic conditions that must be satisfied for a taxpayer to apply the CGT SBCs to a capital gain arising in relation to a share in a company or an interest in a trust.

Also, the ATO has added the Small Business Superannuation Clearing House to their online services from 26 February 2018.

Other updates this month include:

  • Recent cases:
    •   Uber driver case - not an 'employee'
    • Taxpayer can't explain where she got the money to pay her expenses
  • ATO crackdown on work-related expenses
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