Tax

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

Would your business satisfy the same business test?

  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

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Our cars are so efficient they may force a re-think on tax collection

  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

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Mid-FBT year fringe benefit compliance check-up

  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

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