ATO improves and streamlines private ruling applications

During one of its regular reviews of private advice, the ATO says it discovered that tax practitioners have tended to spend a lot of time drafting proposed rulings, which ATO staff then subsequently revise and/or amend. Responding to practitioner feedback, the ATO has decided to ramp up its efforts to streamline the process. It says

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Budgeting tools from ASIC for your clients’ personal finances

The Australian Securities and Investments Commission (ASIC) has launched a package of free online budgeting tools for individual taxpayers to help with managing personal finances. Budgeting tools from ASIC for your clients’ personal finances Announced by the Minister for Revenue and Financial Services, Kelly O’Dwyer, last week, the “simple money manager” tools are designed to

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Substantiation exception for reasonable travel allowance expenses

One of the issues that Tax & Super Australia finds frequently raised by members is the tax treatment of work related travel expenses, as well as the reliance on the “reasonable amounts” prescribed by the Commissioner. In our view, the current ATO guidance may not adequately cover the issues encountered by practitioners and taxpayers. Often,

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