Housing affordability measures now law
Legislation to implement the 2017–2018 Federal Budget measures aimed at improving housing affordability has now been passed.
Tax treatment of long-term construction contracts
Draft Taxation Ruling TR 2017/D8 explains the methods that taxpayers can use to return income derived, and recognise expenses incurred, in long-term construction projects (that is, projects that straddle two or more income years).
ATO rethink on guidelines for profit allocation within professional firms
In reviewing its guidelines on Everett assignments and the allocation of profits within professional firms, the ATO has become aware that the guidelines are being misinterpreted in relation to certain arrangements that go beyond the guidelines’ scope.