July 2016 Client Alert & Tax Checklists

We are pleased to supply you with the July 2016 edition of Client Alert, which contains information on a number of important taxation developments up to and including 16 June 2016:
• Tax Time 2016: take care with work and rental property claims – The ATO encourages people to check their claims and understand what records they need to keep.
• SMSF borrowing arm’s-length terms deadline extended – The ATO has extended the deadline for SMSF trustees to ensure that certain borrowings are on arm’s-length terms.
• Lifetime $500,000 non-concessional superannuation cap – People may need to find out their non-concessional super balances following a Federal Budget announcement.
• ATO clearance certificates for property disposals – The ATO has formalised administrative processes to support a new foreign resident CGT withholding regime.
• Hotel owner liable to GST for accommodation supply – A hotel owner has been unsuccessful before the AAT in seeking a GST refund of $476,610.
• ATO to make new decision on superannuation death benefit – The AAT has ordered the Commissioner to request that a couple make an application for another private ruling

To assist you in preparation for your 2016 Income Tax Return we also attach Tax Return Checklists to assist you in compiling the necessary information before seeing David Tilley about your tax returns.

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

Download the Tax Return Checklists as a PDF here: 2016 Tax Checklists