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Dec 2018 Tax Round Up - No deductions if tax obligations not met

by Knowledge Shop Editor, on 04/12/18 12:10

New legislation prevents a deduction from being claimed where a business fails to meet its PAYG withholding obligations.

Join the Knowledge Shop team for all this and more.

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

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

  • Treasury Laws Amendment (Black Economy Taskforce Measures No. 2) Bill 2018
    • Deductions denied where PAYG withholding obligations not met
    • Taxable payments reporting system extends to road freight, IT or security, or investigation or surveillance industries
  • Exposure drafts released for Budget integrity measures
    • Circular trust distributions - family trust ‘round robin’ arrangements
    • Limiting deductions for vacant land
  • ATO’s blitz on businesses with cars registered in the business’ name but have not lodged an FBT return


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Topics:Tax Round Up



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