ATO

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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5 tips to get home office deductions right

Your client might be sick of the daily commute, or want more flexibility of hours – or it could be that they have a talent or skill that they trust will translate into a fulfilling career in their own business. Or it could just be that the idea of working from home seems to offer

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Top 5 Division 7A watch-outs

The top 5 Division 7A watch-outs are as follows. 1/ Transaction caught by Division 7A Division 7A will arise if transactions fall into the following three categories, for a shareholder or shareholder’s associate: certain loans from a private company, certain payments from a private company, and forgiveness of a debt owed to a private company.

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ATO not doing the best on revenue collection, says national auditor

The Australian National Audit Office (ANAO) has released a report which indicates that while the ATO may have indicated that hundreds of millions of dollars in tax revenue was being taken in, the actual amount may have been overstated. The new report by the ANAO found that the ATO had on at least one occasion over a

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