Tax

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

Who is assessable on interest income? Those who “benefit”

It is a fairly well-established and welcome act for an aunt or uncle or of course a parent to start a savings account for a new addition to the next generation. It is not so common however, among the warm and generous emotions that accompany such a gift to factor in the taxation obligations that

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Deduction for association subscriptions — eligibility can endure into retirement

Many professional, business or trades people are members of an association, and during their working life subscribe to an appropriate organisation. Deduction for association subscriptions In most cases the membership of a trade union for example, or professional association relevant to workers in a particular occupation, would qualify for deduction under the general deduction provisions

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Rollover relief for certain CGT events

Where a depreciable asset is transferred between related entities and CGT rollover relief is available, the balancing adjustment can be deferred until the next balancing adjustment event occurs. The conditions for automatic rollover relief are: there is a balancing adjustment event because an entity disposes of a depreciating asset in an income year to another

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The accountants’ concession

Taxpayers are required (by s263(3) of the ITAA36) to give all reasonable assistance and facilities to ATO officers. The ATO recognises that, apart from communications with legal professionals who are eligible to be protected by legal professional privilege, taxpayers should be able to communicate confidentially with other, non-legal advisers in relation to their tax affairs.

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