August 2022 Client Alert

  • We are pleased to supply you with the latest edition of Client Alert, which contains information on a number of important taxation developments up to and including 22 July 2022.
    • ATO reminder to small businesses this tax time – Areas to watch include deductions not related to business income, overclaiming of expenses, omission of business income and insufficient records.
    • ATO warns against asset wash sales – Although there may be legitimate reasons for selling and then reacquiring the same or similar assets, wash sales are a form of tax avoidance.
    • ATO protocol for legal professional privilege – The ATO can compel taxpayers to produce certain documents and information, but immunity may exist where legal professional privilege applies to the underlying communications.
    • Is this the end for stamp duty in New South Wales? – The NSW State Budget includes plans to make some transfer duty optional from January 2023.
    • Current compliance issues in the SMSF space – The ATO advises that illegal early release of superannuation is on the rise among self managed super funds.
    • SMSF TBAR to be streamlined – Transfer balance account event-based reporting will soon become easier for trustees of self managed super funds.

Click here to download our August Client Alert.

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89-92 South Terrace
Adelaide SA 5000

T 08 8212 2366
F 08 8231 5035

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