• Loans and In-house Asset Rules — The AAT has upheld a non-compliance notice issued to an SMSF for breaching the in-house asset rules. More

• Personal Services Income — The AAT has affirmed that the Personal Services Income provisions applied to attribute company income to a taxpayer who was the sole director, shareholder and employee of the company. More

• Meaning of Contributions — The Tax Office has issued a Draft Taxation Ruling explaining the Commissioner’s preliminary view of the word ‘contribution’ for superannuation purposes. More.

• Deductibility of Interest on Loan to Settle Trust — The Tax Office has issued a Taxation Determination stating the Commissioner’s views on the deductibility of interest incurred on a loan to settle a trust. More.

• Interest on Loan to Acquire Options — The Tax Office says interest on a loan to acquire options is not deductible. More.

• Investment Commitment Time — The Tax Office says a contract option to delay construction of an asset does not defer the investment commitment time for the one-off tax break. More.

• Assistance for Small Business — the Tax Office has introduced two new measures to assist small businesses in managing their tax payment obligations. More.

• PAYG Withholding and Foreign Employment Income — An Instrument has been registered ensuring employers withhold the correct PAYG amounts from their overseas-based employees. More.

• Tax Returns Not Required for New SMSFs — The Tax Office do not require newly registered SMSFs to lodge a tax return in their first year of registration. More.

Please contact us if you wish to discuss how the points raised in Client Alert specifically affect you.