December 2019 Tax Round Up - Timing of super contributions through clearing houses
by Knowledge Shop Editor, on 03/12/19 10:37
The new draft PCG that explores the timing of deductions for contributions made through superannuation clearing houses and the problem for those working outside of the ATO's Small Business Superannuation Clearing House.
Plus the new draft ruling on labour costs when developing capital assets (and how they can be misclassified), and a recent case that shows how far the ATO will go to validate a claim - in this case, a logbook used to substantiate work related expenses.
Join Michael Carruthers (Tax Director, Knowledge Shop) and Lisa Armstrong (MD, Knowledge Shop), for just the juicy bits of change for accountants and advisers:
- Timing of deductions for contributions made through super clearing houses (PCG 2019/D8) and the potential problems for those using alternatives to the ATO's Small Business Superannuation Clearing House.
- Labour costs to develop capital assets not deductible - a new draft ruling (TR 2019/D6) sets the boundaries for labour costs incurred in connection with the construction or development of capital assets and whether the expense is incidental.
- The validity of a logbook to substantiate deductions - you have a logbook but is it valid? A case that demonstrates how far the ATO will go to substantiate claims - Reid and Commissioner of Taxation  AATA 4624
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