Individuals:
CRT Alert 049/2018 – Housing affordability measures update
The draft Law Companion Rulings and Frequently Asked Questions for the First Home Super Saver (FHSS) Scheme and Downsizing contributions into superannuation measure have been published. The ATO Online Portal, an alternative solution for large super funds to report downsizing contributions, won’t be available by 1 July 2018 but is expected to be ready by December 2018.
Foreign residents and main residence exemption
If you’re a foreign resident when you sell residential property, or you inherit residential property from a foreign resident, there are special capital gains tax (CGT) rules you need to know about.
Capital gains withholding: Impacts on foreign and Australian residents
The foreign resident capital gains withholding (FRCGW) apply to vendors disposing of certain taxable property under contracts entered into from 1 July 2016. The FRCGW withholding tax rate will be 12.5% (previously 10%), and now applies to real property disposals where the contract price is $750,000 and above (previously $2 million). The existing threshold of $2 million and the 10% rate will apply for any contracts that are entered into before 1 July 2017, even if they are not due to settle until after 1 July 2017.
Businesses:
A guide to setting up Manage ABN Connections and accessing the SBSCH in the Business Portal
A step-by-step guide to help small businesses set up Manage ABN Connections and use their myGov login to access the Small Business Superannuation Clearing House (SBSCH) in the Business Portal.
We have many resources available to help you and your employer clients understand Single Touch Payroll (STP), including recordings of events and webinars. Find out what is available.
Tax Professionals:
This information explains the amendments to GST law on certain property sales from 1 July 2018.
GST property settlement online forms and instructions
Instructions on how to complete the GST property settlement forms.
Find out about the key changes this tax time, ATO service commitment, what you can do to prepare, and things to consider before lodging to ensure your clients’ tax returns are correct and to help prevent delays in processing.
The list of consultation matters registered in 2018 that have been completed or actioned through other processes.