Client Alert November 2015

The November 2015 edition of Client Alert contains information on a number of important taxation developments up to and including 15 October 2015:

• Unbundling phone and internet expense claims for work purposes — Individuals need to determine their work use of home phone and internet services using a reasonable basis.

• Student loan debt recovery from overseas — People living and working overseas will soon have to meet the same repayment obligations as those who live in Australia.

• SMSF trustees warned to plan for cognitive decline — The ATO has highlighted the issue of cognitive decline, noting that it is important for SMSF trustees to have a plan for circumstances where they can no longer effectively manage their funds.

• Tax debt release application refused — The AAT has refused a couple’s application to be released from their tax debts.

• Retiring partner’s individual interest in net income of partnership — The ATO has issued
TD 2015/19, which concerns a retiring partner’s individual interest in the net income of the partnership and the application of s 92 of the ITAA 1936.

• ATO targeting ride-sourcing drivers and eBay online sellers — The ATO has gazetted data-matching notices concerning targeting ride-sourcing drivers and eBay online sellers.

Download the full Client Alert as a PDF here: November Client Alert 2015