April 2016 Client Alert

We are pleased to supply you with the April 2016 edition of Client Alert, which contains information on a number of important taxation developments up to and including 16 March 2016:
• Deadline looming for SMSF collectables compliance – SMSF trustees have until 1 July 2016 to comply with strict rules concerning collectables acquired before 1 July 2011.
• Overseas student debts: repayment threshold – From 1 July 2017, Australians living overseas who earning above the repayment threshold will be required to repay their student debts.
• ATO data-matching for insured “lifestyle” assets – The ATO is working with insurance providers to identify policy owners on a wider range of asset classes.
• Market value of shares is not the selling price – The AAT has agreed with a taxpayer’s arguments concerning a share sale, with the result that he could access tax concessions.
• Individual not a share trader – The AAT has found that a childcare worker was not a share trader, which meant her claims for share losses were denied.
• Small business restructures made easier – The Government has made changes to the tax law to provide tax relief for small businesses that restructure.
• Tax law changes to treatment of earnouts – Tax law changes have been enacted to change the treatment of the sale and purchase of businesses involving certain earnout rights.

Download the full Client Alert as a PDF here: April Client Alert