All of the latest tax news, views and clues for August 2022.
This Alert addresses:
- ATO reminder to small businesses this tax time – Areas to watch include deductions not related to business income, overclaiming of expenses, omission of business income and insufficient records.
- ATO warns against asset wash sales – Although there may be legitimate reasons for selling and then reacquiring the same or similar assets, wash sales are a form of tax avoidance.
- ATO protocol for legal professional privilege – The ATO can compel taxpayers to produce certain documents and information, but immunity may exist where legal professional privilege applies to the underlying communications.
- Is this the end for stamp duty in New South Wales? – The NSW State Budget includes plans to make some transfer duty optional from January 2023.
- Current compliance issues in the SMSF space – The ATO advises that illegal early release of superannuation is on the rise among self managed super funds.
- SMSF TBAR to be streamlined – Transfer balance account event-based reporting will soon become easier for trustees of self managed super funds.