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CPA tax news

The latest CPA tax news;

 

ATO to split cost of managing tax affairs label

In response to feedback and recommendations from the profession, the ATO has announced that it will split deduction label D10 – cost of managing tax affairs on the individual’s income tax return from 2018.

To improve transparency around deductions being claimed, the ATO will split label D10 into three sub-components:

  • cost of managing tax affairs
  • deductible ATO interest charges
  • litigation costs.

Label D10 currently aggregates a number of items including deductible amounts of ATO interest charges and litigation costs.  The ATO also plans to rename label D10 with a new title to better describe the collective nature of its three sub-components. These changes will apply for 2018 and beyond and to complement this change, the ATO will also add a new category to the other income label (24) to capture assessable amounts of ATO interest charges.

You can visit the ATO website or contact our office on 97211 055 for more information.

 

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