“The ATO has welcomed the decision of the High Court to basically uphold the decision of the Full Federal Court in a case which the ATO won, in relation to foreign income tax offsets ('FITO'). An Australian tax resident had sold some US investments and paid US tax on the gains…”
Read More“Following the enactment of legislation in late 2019, the ATO can disclose certain business tax debt information to external credit reporting bureaus. This information will primarily be used when issuing external creditworthiness reports in relation to relevant businesses, effectively treating tax debts in a similar manner to other business debts.”
Read More“The ATO has revealed it will request a further five years’ worth of policy information from over 30 insurance companies about taxpayers who own marine vessels, thoroughbred horses, fine art, high-value motor vehicles and aircraft.”
Read More“The ATO has reminded business taxpayers they can no longer claim deductions for certain payments to workers if they have not met their PAYG withholding obligations from 1 July 2019…”
Read More“As the ATO's data-matching capabilities increase, they are paying close attention to capital gains made on shares, property and cryptocurrency…”
Read More“From 1 January 2020, eligible individuals with multiple employers can apply to opt out of receiving super guarantee ('SG') from some of their employers, to help them avoid unintentionally going over the concessional contributions cap.”
Read More“Editor: Unbelievably, scammers are still successfully bilking Australians out of tens of thousands of dollars, as a recent ATO scam report shows.”
Read More“The ‘cents per kilometre’ method broadly allows an individual taxpayer to claim up to a maximum of 5,000 business kilometres per car, per year without the need to keep any written evidence (e.g., receipts) of car expenses.”
Read More“The Federal Court recently handed down two decisions relating to the personal services income ('PSI') rules. Income is classified as PSI when more than 50% of the income received under a contract is for a taxpayer’s labour, skills or expertise…”
Read More“The ATO has published some of the most unusual claims that they disallowed last financial year.”
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