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ARTICLE · 10 JUNE 1998

Weekly Tax Highlights - 1st - 5th June 1998

PricewaterhouseCoopers
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AustraliaFinance and Banking

General tax news

No change in motor vehicle limits for 1998/99 - The motor vehicle depreciation cost limit for 1998/99 will remain the same as last year, ie $55,134. The 1998/99 taxable value threshold for sales tax purposes for luxury vehicles will be $36,995, the same as for 1997/98.

Individual surcharge advice notices - The ATO will issue advice notices to individuals informing them of surcharge liabilities arising from either superannuation contributions, where the surcharge liability will be met by the fund holding the contributions, or termination payments, where the liability is met by the individual.

ATO Audit Programs for 1998/99 year - Recently, the ATO has released to the professional bodies and others on the ATO's proposed audit program for the 1998/99 year. For further details, contact Coopers & Lybrand.

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