MNY Group 2019 October Newsletter – CGT when spouses have different main residences

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MNY-October-2019

In October we have included Business & Accounting Topics including:

1.CGT when spouses have different main residences
It can sometimes be the case that spouses can have different main residences at the same time. When this occurs, special CGT rules apply to in effect provide only one CGT main residence exemption over this period. However, important decisions and choices may need to be made to optimize the tax outcome in this case (or avoid an adverse outcome).

2. The SMSF sector is growing by $23,200 every minute
The latest statistical report from APRA has been released, which of course mainly focuses on the APRA-regulated superannuation funds in the retail and industry sectors.

3.Fictions about work expense deductions
There can be varied sources for some of the myths about tax deductions -pib-talk, BBQ-banter, hairdresser-homilies, what-your-taxi-driver-just-heard and many others. We sort out fact from fiction.

4.An FBT reporting exclusion for personal security concerns
The ATO has plans in place that it can put into operation to relieve certain employers from reporting all the fringe benefits they provide to staff. The measure however is only triggered where it can be shown that employees’ personal safety is at risk or under threat.

5.SMSF event-based reporting: What needs to be reported, what doesn’t
Since event-based reporting started for SMSFs from 1 July 2018, the ATO says that for the larger part, SMSF trustees have mostly adjusted to the new requirements.

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