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. 

Members, download the full December 2019 Tax Round Up (login first) from the member-only website. To see what Knowledge Shop membership offers, call the team on 1800 800 232 or take an online tour.

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 [2019] AATA 4624

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Topics:Tax Round Up



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