Authoritative and technically accurate information and guidance on all areas of tax

The value of a good car log book – a primer for your clients

When claiming for work-related car expenses, many taxpayers miss out on maximising their claim due to inadequate record keeping. But also, failing to maintain a valid car log book can cost taxpayers dearly in an ATO audit. The car log book is an important piece of tax substantiation for those who use their vehicle in

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Corporate tax system more robust than the headlines suggest

Recent media coverage has focused on corporate tax transparency data released by the ATO last December. The most recent data set was for the 2015-16 income year, and includes tax information for more than 2,000 large companies operating in Australia. In the face of widely dispersed commentary on Australia’s corporate tax system, and the perceived

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What types of legal expenses are tax deductible?

What types of legal expenses are tax deductible? 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 is specifically excluded by another section of

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Small business CGT concession eligibility to tighten

The government announced last year that it intended to tighten the eligibility factors for the CGT concessions that are generally available to small businesses. The CGT concessions are important for qualifying businesses in that they can defer, reduce or remove liability to CGT. Specifically, the proposed amendments (which have been released in exposure draft form)

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Common errors with fuel tax credits, and how to avoid them

Fuel tax credit rates are updated every year (generally on 1 February, but this year they changed on 5 February). It is therefore a timely that the ATO has made public some common errors that taxpayers make when calculating and claiming fuel tax credits. The tips that follow will help taxpayers avoid these errors, or

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