Following announcements made in the 2011-12 Budget, the government has recently released Exposure Draft legislation and explanatory material for consultation which would remove access to the trading stock exception to the capital gains tax (CGT) primary code rule for certain assets owned by a complying superannuation entity.
The government has recently released Exposure Draft legislation and explanatory material for consultation which seek to amend the Income Tax Assessment Act 1997 to disallow deductions against taxable government assistance payments that are eligible for a rebatable benefit from 1 July 2011.
During this month, the Tax Office will write to some taxpayers who have reported personal services income (PSI) and may have incorrectly self-assessed themselves as conducting a personal services business (PSB).
In a recent Media Release, the Tax Practitioners Board (TPB) has reminded BAS agents to renew their registration by 29 January 2012 to continue operating legally.
The Tax Office has recently provided information in relation to its credit and debit card data matching program designed to identify taxpayers who may be participating in the cash economy.