If you are a former temporary resident who accumulated superannuation (super) while working in Australia, you can claim your super from your super fund if all of the following are met:

• You entered Australia on a temporary visa listed under the Migration Act 1958 (excluding subclasses 405 and 410)
• Your visa is no longer in effect
• You have departed Australia
• You are not an Australian or New Zealand citizen, or a permanent resident of Australia.

The payment is called a departing Australia superannuation payment (DASP).

Source: https://www.ato.gov.au/Forms/Applying-for-a-Departing-Australia-super-payment/

Some taxpayers may be earning income through the sharing economy without fully understanding their tax obligations.

The ATO have updated their sharing economy and tax web page to help taxpayers understand what they need to know about:

• Working in the sharing economy
• Income and GST
• How to avoid a tax debt

Please remember that if you are:

• Renting out part or all of your home, you need to:
  • Declare what you earn in their tax return
  • Apportion related expenses as appropriate before claiming deductions
  • Understand it may affect your capital gains tax (CGT) if you sell their home in the future
• Providing ride-sourcing services, you need to:
  • Declare what you earn
  • Apportion related expenses
  • Get an Australian business number and register for GST
  • Pay GST on the full fare
  • Lodge your BAS
  • Provide a tax invoice for fares over $82.50 if asked
• Providing other goods or services, you need to:
  • Declare what you earn
  • Apportion related expenses

Source: https://www.ato.gov.au/Tax-professionals/Newsroom/Your-practice/Understanding-the-sharing-economy-and-tax/

Beware of emails claiming to be from organisations you deal with alerting you to unexpected changes on your account.

To help protect you in these instances, we recommend you:

• Do not click on hyperlinks, open attachments or log on to the organisation’s website
• Immediately check those accounts and contact the organisation by phone

Source: https://www.ato.gov.au/Tax-professionals/Newsroom/Digital-interaction-with-us/Stay-alert-to-phishing-scams/

If your taxable income is under the tax-free threshold you may still need to lodge a tax return.

Common reasons for this include, if you:

• had pay as you go (PAYG) withheld from payments received during the year
• had a reportable fringe benefits amount on their PAYG payment summary
• had reportable employer superannuation contributions on their PAYG payment summary
• made a loss or can claim a loss made in a previous year
• were an Australian resident for tax purposes and had exempt foreign employment income and $1 or more of other income
• are entitled to the private health insurance rebate but did not claim their correct entitlement as a premium reduction
• were a liable or recipient parent under a child support assessment unless they received one or more Australian Government allowances, pensions or payments for the whole year and your income was less than $24,154

Source: https://www.ato.gov.au/Tax-professionals/Newsroom/Income-tax/Low-income-earners-may-need-to-lodge/

Trust splitting is a common term for an arrangement where separate trustees are appointed over different assets of an existing discretionary trust.

Each trustee is typically controlled by a different party.

The intention of trust splitting is to produce a structure where each trustee is able to deal with the assets it holds independently of the other trustees. In particular, the trustee is able to deal with the assets largely for the benefit of the controlling party.

In consultation with tax practitioners, the ATO is developing guidance about the tax consequences of trust splitting arrangements.

Source: https://www.ato.gov.au/General/Trusts/Trusts—tax-consequences-of-trust-splitting/

The Australian Government has introduced changes relating to Higher Education Loan Program (HELP) and Trade Support Loan (TSL) obligations.

Under these changes, your first repayment against your HELP – formerly known as Higher Education Contribution Scheme (HECS), and your TSL will commence from 1 July 2017. It will be based on your worldwide income for the 2016–17 Australian income year (that is, from 1 July 2016 to 30 June 2017). In addition, you will be required to submit an overseas travel notification if you meet certain criteria.

Similarly to if you were living and working in Australia, if you live and work overseas and earn worldwide income that exceeds the minimum HELP and TSL repayment thresholds, you will be required to make repayments against your loan.

The two main changes the Australian Government has introduced means you must:

• update your contact details and submit an overseas travel notification if you have an intention to, or already reside overseas, for 183 days or more in any 12 months
• lodge your worldwide income or a non-lodgment advice.

These changes apply to new and existing HELP and TSL debts.

You can lodge online through ATO online services or through an Australian registered tax agent.

Source: https://www.ato.gov.au/Individuals/Study-and-training-support-loans/Overseas-repayments/

There are a number of reasons why you may need to review and amend a trust deed, such as legislative changes.

Before you can amend a trust deed check if there is a power of amendment within the deed.

If there is a power of amendment, you then need to determine:

• Who can exercise that power and are they authorised under the deed to do so
• If the power permits the proposed change. For example are there specific restrictions on the power
• What consent (if any) is required to exercise the power. For example settlor, appointer, beneficiary
• How the power is to be exercised. For example is a separate deed of amendment required

Source: https://www.ato.gov.au/Tax-professionals/Newsroom/Income-tax/Amending-a-trust-deed/

Fuel tax credit rates increased on 1 August 2017.  Some of these rates also changed on 1 July 2017, due to a change in the road user charge and an annual increase to excise duty rates on biofuels.

Rates change regularly.  Use the fuel tax credit calculator on the ATO website each time you claim to save time and help get your claim right.  It’s easy to use and has all the up-to-date rates, so there’s no need to find them before you work out a claim.

Source: https://www.ato.gov.au/Business/Large-business/In-detail/Business-bulletins/Articles/Fuel-tax-credits–get-the-latest-rates/

The July 2017 monthly activity statement will be the first time businesses prepare and lodge using Simpler BAS reporting.

Small businesses with a GST turnover of less than $10 million can now use Simpler BAS and they only need to report:

• G1 Total Sales
• 1A GST on Sales
• 1B GST on Purchases

Simpler BAS is not available for businesses with a GST turnover of $10 million or more.

Source: https://www.ato.gov.au/Tax-professionals/Newsroom/Activity-statements/Lodging-using-Simpler-BAS/

There are changes to super and BAS reporting and tax concessions that you should know about:

• Super – Do you have an SMSF or are you planning to retire? From 1 July 2017 there are changes to superannuation
• Less reporting – From 1 July 2017 small businesses with a turnover of less than $10 million GST will have less GST information to report on their BAS
• Tax concessions for business – From 1 July 2016, if your turnover is less than $10 million you have access to a range of small business tax concessions – such as the 27.5% company tax rate

Source: https://www.ato.gov.au/Business/Privately-owned-and-wealthy-groups/Recent-developments/