Advocacy work is in full swing

Written by Stephanie Caredes, CTA, Tax Counsel

It has been a very busy start to the year for the Tax Policy and Advocacy team with numerous submissions already on our plate. 

We are interested to understand members’ views on the reporting requirements that should apply to the Sharing Economy and what members think of the ATO’s proposal to replace certain Annual Taxation Determinations with website content. Please send your comments through to the Tax Policy inbox.

Gearing up for the election

Members will have seen the Prime Minister’s announcement earlier this week to increase the small business Instant Asset Write-off amount from $20,000 to $25,000 effective 29 January 2019 and extend the availability of the write-off to 30 June 2020. This extends both the threshold for 17 months and the availability of the measure by 12 months from its original end date of 30 June 2019.

Stephanie Caredes, CTA
We seek members’ views on whether you think this measure is useful to your clients. What has the take-up of the original $20,000 measure been like? Do you see your clients being able to benefit from the increased threshold? Should the Instant Asset Write-off become a permanent feature of our tax system?

Though, we will have to wait until the Parliamentary sitting weeks in February before we see any law to support this announcement.

I would also like to remind members about The Tax Institute’s survey on the tax proposals being put forward by the Labor party. The survey is open until 22 February 2019 and we really would like to hear members’ views. Thank you to all the members who have completed the survey so far. We hope you can join us at the Institute’s 34th National Convention in March in Hobart to hear the results.

Members, we welcome your thoughts via the TaxVine Feedback inbox.


Popular posts from this blog

Div 7A: Issues when dealing with loans and unpaid present entitlements

The biggest changes in estate planning in a generation

What happened in tax in October