2020 March Client Alert

We are pleased to supply you with the latest edition of Client Alert, which contains information on a number of important developments up to and including 21 February 2020:

Super guarantee loopholes closed – Until recently, loopholes in the law meant that your employer could count your salary-sacrificed amounts towards their super guarantee contribution amounts – essentially working against your intention to boost your super.

ATO tackling international tax evasion – A recent coordinated effort by the Joint Chiefs of Global Tax Enforcement (J5) has yielded evidence of tax evasion by Australians.

New measures to combat illegal phoenixing – New laws are now in place to target illegal phoenixing of companies in Australia.

Insurance payouts: are they taxable? – if you receive an insurance payout in relation to your business, home business or rental property you need to be aware there may be associated tax consequences.

Australia’s independent tax complaints investigator – Do you know who to turn to when you have a complaint about the ATO?

ATO scrutiny on car parking fringe benefits – The ATO has started contacting certain employers that provide car parking fringe benefits to their employees to ensure that all FBT obligations are being met.

Foreign residents and the main residence exemption – Laws limiting foreign residents’ ability to claim the CGT main residence exemption are now in place.

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

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