June 2016 Client Alert

We are pleased to supply you with the June Edition of the Client Alert, which contains information on a number of important taxation developments up to and including 27 April 2016:
• Tax incentives to promote innovation – The Government is proposing to increase access to company losses, and allow faster depreciation for intangible assets.
• Car expenses and special arrangements for the 2016 FBT year – The ATO has released guidance about using the cents per kilometre basis for claiming car expenses.
• Holiday homes: tax considerations – The ATO has released guidance on what is meant by “genuinely available for rent”.
• Individuals caught in “Panama Papers” leak – The ATO has advised that it is checking up on more than 800 individuals after a leak of taxpayer data in relation to a law firm in Panama.
• ATO safe harbour for SMSF borrowings – The ATO has released “safe habour” terms on which SMSF trustees may structure related-party LRBAs consistent with an arm’s-length dealing.
• ATO’s data-matching net widens – The ATO has released details of its various data-matching programs.

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