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August 2019 Tax Round Up - Raft of tax & super changes in Parliament

by Knowledge Shop Editor, on 01/08/19 10:22

Breaks over! Parliament is back and a raft of previously announced and new tax and super measures have been introduced.

Major changes include the small business CGT concessions and Everett assignments, deductions for holding vacant land, circular trust distributions, and salary sacrifice and super guarantee contributions. 

We also look at the ATO's final position on FBT and ride sharing services such as Uber, and the tax treatment of compensation from financial institutions.

Members, download the full August 2019 Tax Round Up 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:

  • ATO confirms position on FBT and ride sourcing services - After a lengthy consultation period following the release of TPD 2017/2, the ATO has confirmed its position on the FBT taxi travel exemption and ride sharing services such as Uber and Lyft. 
  • Raft of previously announced and new tax and superannuation measures introduced into Parliament - the amendments impact on the small business CGT concessions and Everett assignments, deductions for holding vacant land, circular trust distributions, and salary sacrifice and super guarantee contributions, to name a few.
  • Tax treatment of compensation from financial institutions - the tax treatment of the post Royal Commission compensation payments made to individuals and superannuation funds.

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Topics:Tax Round Up

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