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Star & Associates
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ATO

Updated guidance on deductions available for an investment property

The ATO has updated its guidance on depreciating assets for investment properties. If an individual purchased their rental property at or after 7.30pm on 9 May 2017, they may be impacted by the changes to legislation for depreciating assets. These changes apply from 1 July 2017. Individuals can no longer claim deductions for second-hand or…

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Working holiday makers – employer registration extended

The ATO has announced that employer registration for working holiday makers has been extended to Tuesday 31 January. Working holiday makers are those with visa sub-classes 417 and 462. Employers of working holiday makers must register with the ATO. Once registered, a withholding rate of 15 per cent applies to the first $37,000 of a…

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New foreign resident CGT withholding regime

The ATO has released the details of how it will administer the new foreign resident CGT withholding payment regime. The new withholding regime introduces a 10 per cent non-final withholding on payments made to foreign residents under contracts entered into on or after Friday 1 July 2016 to dispose of certain taxable Australian property consisting…

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Foreign resident CGT withholding regime

The Tax and Superannuation Laws Amendment (2015 Measures No 6) Act 2016 introduces a new regime imposing withholding obligations on payments made to foreign residents that dispose of certain taxable Australian property. The purpose of the regime is to assist in the collection of the CGT liabilities of foreign residents. Broadly, where a foreign resident…

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Deadline looms for agricultural land registration

The government has reminded foreign owners of agricultural land in Australia to register their holdings with the ATO by the deadline of Monday 29 February 2016. All existing foreign-owned agricultural land holdings regardless of their value must be registered while new interests must be registered within 30 days of purchase.

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ATO data matching – Department of Human Services and insurance details

The ATO has given notice that it will acquire details of individuals in receipt of Family Tax Benefit Part B, paid parental leave, carer allowance and Medicare entitlement statements from the Department of Human Services (Centrelink and Medicare) for the 2014-15, 2015-16 and 2016-17 financial years. The ATO has also given notice that it will…

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ATO encouraging the use of MyGov to consolidate lost super accounts

The ATO is currently sending emails to people they are currently holding lost super for. To assist affected individuals, the ATO provides information on how people can track their lost super accounts through their MyGov account and how take action on those accounts. The ATO is currently sending emails to people they are currently holding…

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ATO foreign investment guide

The ATO announced that it has released a guide to assist foreign investors and their representatives understand recent changes to purchasing Australian property. The government made changes to Australia’s foreign investment policy for residential real estate with effect from 1 December 2015. The ATO announced that it has released a guide to assist foreign investors…

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Trust compliance with anti-avoidance rules

The ATO has advised that it is reviewing selected trusts’ compliance with anti-avoidance rules under s 100AA and 100AB of ITAA 1936. These anti-avoidance rules are designed to prevent trustees using tax-exempt entities to shelter the trust’s net income. The ATO is considering situations where a tax-exempt entity is entitled to income of the trust…

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Misusing partnerships with private company partners

The ATO has released Taxpayer Alert TA 2015/4 to warn taxpayers against accessing business profits through an interposed partnership with a private company partner. The ATO is reviewing arrangements where profits are claimed to be directed through a purported partnership that has a private company as a partner. Most of the profits are taxed to…

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