Gong Xi Fa Cai from the KHCA team
Blog
Court rules settlement | Two men jailed | IGTO report
Court rules settlement payment an ETPThe Federal Court has affirmed a decision of the AAT that a settlement payment of $505,000 received by taxpayer in “settlement of claims for breach of employment agreement and misleading or deceptive conduct” was an...
Tax reporting in the gig economy | ASIC prosecutes | Charity sector consultation
OECD model: tax reporting in the gig economy The OECD has released a publication entitled “Model Reporting Rules for Digital Platforms: Frequently Asked Questions”. It aims to provide a standardised tax transparency framework in relation to income derived through the "sharing" and "gig"...
FW: New appointments | Record complaints taken
New appointments to ACNC Board The Government has announced eight new appointments to the Australian Charities and Not‑for‑profits (ACNC) Advisory Board as follows: Ms Sarah Davies as the part-time Chair and general member; Ms Heather Watson as the part-time Deputy...
ATO reminder | No PBI status | ATO
ATO reminder: Second-hand depreciating assets and rental properties The ATO has issued a reminder to tax-agents that (subject to certain exceptions) since 1 July 2017 their clients can’t claim the decline in value of “second-hand depreciating assets”, unless: the property...
2023–24 Corporate Plan | Injunction granted | ATO
TPB releases its 2023–24 Corporate Plan The Tax Practitioner Board (TPB) has released its 2023–24 Corporate Plan. It outlines the TPB’s key activities and the performance measures we will apply as we continue to deliver on our purpose, supporting public...
May Newsletter – Temporary Full Expensing: get in quick!
Do you operate your business via a family trust? If so, there is good news on the tax distribution front. The ATO, via a decision impact statement, has now conceded that it will have to amend its position on trust distributions....
Tax & Super Australia Article – Weekly Update
MONDAY PM: Proposed tax changes to increase housing supply The Prime Minister has announced the following proposed tax incentive changes to help increase the supply of housing: (a) increasing “the depreciation rate from 2.5% to 4% per year for eligible new build-to-rent...
Tax & Super Australia Article – 5 May 2023 Daily Update
ATO: SMSF member in receipt of ENCC determination The ATO has advised that if a member of an SMSF has received an “excess non-concessional contributions” (ENCC) determination, the ATO may send the SMSF a release authority which must be actioned...
Tax & Super Australia Article – 4 May 2023 Daily Update
Employee super guarantee contributions due The ATO has reminded employers that employee super guarantee (SG) contributions for the quarter ending 31 March 2023 were due by 28 April. It also emphasised that if they didn't pay the correct amount of SG on...