Newsletter
March 2017 Newsletter
Re-characterisation of income from trading businesses
The ATO has released Taxpayer Alert TA 2017/1 to say it is reviewing arrangements that try to fragment integrated trading businesses to re-characterise...
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ATO warning: research and development claims in building and construction industry
The ATO and the Department of Industry, Innovation and Science have released Taxpayer Alert TA 2017/2 and TA 2017/3 as a warning to businesses that are...
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Intangible capital improvements made to a pre-CGT asset
The ATO has issued Taxation Determination TD 2017/1. It provides that for the purposes of the “separate asset” rules in the Income Tax Assessment Act 1997...
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Personal services income diverted to SMSFs: ATO extends offer
Since April 2016, the ATO has been reviewing arrangements where individuals divert personal services income (PSI) to a self managed super fund (SMSF)...
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Depreciating assets: composite items
Draft Taxation Ruling TR 2017/D1 sets out the Commissioner of Taxation’s views on how to determine if an entire composite item is a depreciating asset or whether...
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Tax risk management and governance review guide released
The ATO has released a tax risk management and governance review guide to help businesses develop and test their governance and internal control frameworks, and...
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Overtime meal expenses disallowed because no allowance received
A taxpayer has failed in claiming deductions for overtime meal expenses before the Administrative Appeals Tribunal (AAT). The AAT denied his appeal because he...
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Time extension to review objection decisions disallowed - again!
The Administrative Appeals Tribunal (AAT) has refused to allow a taxpayer extra time to apply for review of a decision made by the Commissioner of Taxation...
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No deduction or capital loss for apparent guarantee liability
The Administrative Appeals Tribunal (AAT) has affirmed that two family trusts that were involved in a building and construction business with other related entities were...
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Taxpayer denied deduction for work expenses of 60,000 AUD
The Administrative Appeals Tribunal (AAT) has confirmed that a mechanical engineer with a PhD qualification was not entitled to deductions for various work-related expenses...
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