Companies carrying forward tax losses from a prior year must satisfy the ATO’s “continuity of ownership test” (COT) or, if unable to do so, the “same business test” (SBT) for losses to be deductible against assessable income of future years. The SBT provisions contained in Division 165 of ITAA97 are drafted narrowly and therefore[ Read More ]
Royal Commission, market volatility: Is now really the time to move away from annual independent audits?
SMSF trustees still seem to be digesting the yet-to-be enacted proposal to move SMSFs to a three-year audit cycle. Tax & Super Australia (TSA) is highly concerned about the impact of this proposal on the integrity of the superannuation system in Australia. During a period of volatility where the financial services sector is facing[ Read More ]
Ongoing engineering improvements in internal combustion motor production has resulted in a not-surprising trend — a drop in average fuel consumption. The following graph is sourced from Australian Bureau of Statistics (ABS) data and Parliamentary Budget Office (PBO) analysis. Average fuel consumption for passenger vehicles As can be seen, from 2001-02 to 2016-17, average[ Read More ]
It’s nowhere near Christmas yet (although a smattering of yule-infused ads have crept on to the TV), but in order to help practitioners get things right for their clients, and help them prepare for the inevitable FBT year end, the ATO has made known the fringe benefits tax issues that can benefit from a[ Read More ]
A question was asked of the ATO recently, via its “ATO Community” webpage (find out more about that here) that centred on the eligibility of a taxpayer to make deduction claims for home office expenses. While it is a question that would not generally warrant extensive clarification, the fact that the office in question[ Read More ]