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2019 October Client Alert

 

We are pleased to supply you with the October 2019 edition of Client Alert, which contains information on a number of important developments up to and including 23 September 2019:

  • Small business income tax gap: ATO update – New figures released by the ATO estimate that almost 90% of income tax from small businesses is paid voluntarily or with little intervention from the ATO.
  • ATO sets its sights on undisclosed foreign income – The ATO is reminding taxpayers about their obligation to report foreign income, and it’s keen to emphasise that its techniques for detecting offshore amounts are becoming increasingly effective.
  • ATO announces “Better as Usual” program to improve your experience – The ATO has announced the launch of “Better as Usual”, a new four-part program aimed at improving the client experience with the tax system.
  • Salary sacrificing loopholes: are you receiving your full benefits? – Salary sacrifice strategies are a great way to boost retirement savings, but unwelcome loopholes in the law mean some workers may be getting less than they bargained for. Fortunately, new proposed laws represent action to fix this.
  • Claiming work trips for business owners – Business owners can deduct the cost of work trips they need to take for business. But what happens when you mix business with some hard-earned time for relaxation?
  • Thinking about setting up an SMSF? – For many people, SMSFs are a great option for building retirement savings, but they may not be suitable for everyone.

Please contact us if you wish to discuss how the points raised in Client Alert specifically affect you.