Do-it-yourself superannuation, in one form or another, has been around for about 30 years. But it has only been over the last few years that SMSFs have made an indelible mark on Australia’s retirement savings landscape. The SMSF sector now…
If you identify a goods and services tax (GST) error for a previous period or on an already lodged business activity statement (BAS), there is always scope to make a correction. The ATO has realised that it is necessary for…
Everyone assumes that the $20,000 instant asset write-off is exclusive to eligible small businesses. However there is a hidden gem buried within the small business simplified depreciation provisions that in some circumstances can widen the application of this valuable deduction.…
It was about 1990 when the ATO was asked about the tax deductibility of interest on a loan a business may have taken out to repay a tax debt. It was the third time, according to ATO records, that the…
When a legal expense is incurred in relation to the operation of a business to produce assessable income, it is generally allowable as a deduction. Exceptions are when the legal fee is capital, domestic or private in nature, if it…
About general law and tax law partnerships A general law partnership is formed when two or more people (and up to, but no more than, 20 people) go into business together. Partnerships are generally set up so that all partners are…
$20,000 write off is only available for small business, unless… Everyone assumes that the $20,000 instant asset write-off is exclusive to eligible small businesses. However there is a hidden gem buried within the small business simplified depreciation provisions that in…
Internal tax documents released — a peek into court interpretations The ATO has released on its legal database a series of what until recently have been internal ATO documents. The release of these documents in an initiative that the ATO…
The ATO is concerned about arrangements being exploited by some companies for the purpose of releasing franking credits or streaming dividends to shareholders. It says this may attract the operation of the anti-avoidance rule in section 177EA of the Income…
ATO’s key results in 2014-15 – 7 million income tax returns lodged – 2% of tax liabilities were paid on time – 1,400 taxpayers (individuals and companies) were prosecuted for income tax matters – 96 million transactions were available for…