Tax Time Monthly: August Edition 2017

In the August edition of Tax Time Monthly, Hall Chadwick looks at recent guidelines and updates issued by the ATO including:

  • Personal Liability of a legal personal representative if deceased estate assets are distributed with a notice of claim or potential claim by the ATO
  • Safe harbour for the use of sportsperson’s name, image or likeness

  • Employee remuneration trust arrangements outside an employee share scheme
  • An early stage innovation company is required to report new share issues to investors who may be entitled to access tax incentive schemes by 31 August 2017
  • Reduction of company tax rate was not meant for passive investment companies says Revenue Minister Kelly O’Dwyer
  • Draft legislation to limit depreciation deductions for plant and equipment used in residential investment properties
  • Draft legislation for amendments to main residence exemption for foreign residents
  • Changes to superannuation reporting requirements with the introduction of the new transfer balance cap
  • ‘Netflix Tax’ now operative for non-resident suppliers to Australian consumers