Client Alert December 2015/January 2016

We are pleased to supply you with the December 2015/January 2016 edition of Client Alert, which contains information on a number of important taxation developments up to and including 17 November 2015:                                 
• Tax negotiation limited to known debt amounts — Two taxpayers have been unsuccessful before the Federal Court in seeking to set aside statutory demands issued by the Tax Office.
• CGT roll-over for small business restructures on the way — The Government is proposing to provide roll-over relief for small businesses that change their legal structure.
• ATO starts issuing “certainty” letters — The ATO has commenced contacting more than 500,000 individual taxpayers to let them know that their tax returns are “shipshape”.
• Government rejects SMSF borrowing ban recommendation — Direct borrowings by super funds via limited recourse borrowing arrangements are safe (for now).
• Car expenses and FBT concessions on entertainment — A Bill is before Parliament which contains amendments concerning: work-related car expenses; and FBT concessions on salary packaged entertainment benefits.

Download the full Client Alert as a PDF here: December and January Client Alert