Knowledge Shop Blog

Oct 2018 Tax Round Up - tightening access to the small business CGT concessions

Access to the small business CGT concessions has been tightened where events relate to shares in a company or interests in a trust. The new guide setting out the ATO’s expectations when taxpayers claim home office expenses, and the Board of Taxation's plan to radically simplify the residency rules for individuals.


Members can download the full October 2018 Tax Round Up from the member-only website. To see what Knowledge Shop membership offers, call the team on 1800 800 232 or take a tour online.

Join Michael Carruthers (Tax Director, Knowledge Shop) and Lisa Armstrong (MD, Knowledge Shop), for just the juicy bits of change for accountants and advisers:

  • Small business CGT concessions tightened for companies and trusts – from 8 February 2018, access to the small business CGT concessions has been tightened where events relate to shares in a company or interests in a trust.
  • ATO targets home office. home business expenses – a new guide sets out the ATO expectations for taxpayers claiming deductions for home office and home business expenses including a 4 week diary to calculate the deductible portion of the expense
  • Radical simplification of the individual residency rules proposed – The Board of Taxation has opened consultation on recommended simplifications to the residency rules including a day based ‘bright-line’ test

Company Tax: The New Era

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