We are pleased to supply you with the October 2016 edition of Client Alert, which provides information on a number of important taxation developments up to and including 12 October 2016:

  • Budget superannuation changes on the way – The federal Government has been consulting on draft legislation to give effect to most of its 2016-2017 budget superannuation proposals.
  • Primary producer income tax averaging – Primary procedures will be able to access income tax averaging 10 income years after choosing to opt out.
  • R&D tax incentive rates change – The Federal Government has reduced the R&D tax incentive rates for the first $100 million of eligible expenditure by 1.5 percentage points.
  • SMSF related-party borrowing arrangements – The ATO has issued a tax determination concerning non-arm’s length income and limited recourse borrowing arrangements.
  • Travel expense and transport of bulky tools claim denied – An individual has been unsuccessful before the AAT in a matter concerning certain deduction claims for work-related travel expenses.

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