March 2016 Client Alert

We are pleased to supply you with the March 2016 edition of Client Alert, which contains information on a number of important taxation developments up to and including 17 February 2016:
• Tax relief for small businesses that restructure on the way ― The Government has proposed changes to the law to provide tax relief for small businesses that restructure.
• Trust ABNs to be cancelled if no longer carrying on business ― The ATO has advised that the Registrar of the ABR will begin cancelling the ABNs of approximately 220,000 trusts.
• Withholding tax for car allowances ― If employers who have been paying car allowances at a higher rate have not been withholding tax, they should start now.
• Travellers with student debts need to update contact details ― People with student debts who are moving overseas may need to update their contact details with the ATO.
• Small business tax concession refused as threshold test failed ― The Federal Court has denied a taxpayer access to the small business CGT concessions.
• “Wildly excessive” tax deduction claims refused ― An individual has been largely unsuccessful before the AAT in claiming work-related tax deductions.
• GST credits not available for payments on behalf of super funds ― The ATO has issued GST Determination GSTD 2016/1, which provides whether employers can claim input tax credits for expenses paid on behalf of superannuation funds.

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