ATO

Top 10 Tax & Super newsroom posts for calendar 2018

  Over the calendar year 2018 there have been many notable tax and self-managed super developments. Apart from bringing news and updates to Tax & Super Australia members and many others, the newsroom page of our website can also serve as a litmus test for what matters most to the tax practitioner community (driven by

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Separate or aggregate CGT assets? The role of subdivision 108-D

  Under common law, when an accessory is annexed to a principal asset (such as land) the accessory becomes part of that principal asset. Theoretically, without an adjustment to the tax rules, if the principal asset of land had been acquired pre-CGT (before 20 September 1985), any building on that land or any addition to

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What is the ‘tax gap’? And how does the ATO measure it?

  Every year, the ATO measures its revenue and compares that total against the amount of revenue it should have made were every taxpayer fully compliant. As you may expect, very often the two numbers are different. And it is this discrepancy that has become known as the “tax gap”. The ATO’s projected revenue total

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The ATO’s snapshot of the small business sector

  The ATO defines small businesses as those entities with an annual turnover of less than $10 million. Its latest data collected on the sector has the following updated facts about this important market. There are around 4 million small businesses in Australia, they account for 99% of businesses in Australia, contribute $380 billion to the economy, employ approximately 5.6 million

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2 minute quiz: Partnerships

  How well do you understand the taxation of partnerships? Try this 2 minute quiz: Partnerships questions to find out (answers are at the bottom of this screen). Question 1: Which of the following is the definition of a tax law partnership? An association of persons (other than a company or a limited partnership) carrying

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