The Administrative Appeals Tribunal has decided that a taxpayer failed the maximum net asset value test and could not use the small business CGT concessions following the disposal of a 1/3rd interest in a private company. The taxpayer argued that the shares should be valued at an amount less than what he was paid for
What the ATO’s ASFP means for tax professionalsHow the new whistleblower laws operate, according to the TPBDe-registration on basis of not being “fit and proper person”Additional conditions to be met for some small business CGT concessionsTransfer balance cap correspondence issuing with a due date during the Christmas/New YearsWork related deductions deniedBushfire concession announcedSMSFs and “fractional”
Readers will recall that the ATO has reminded trustees of closely held trusts that they must comply (our emphasis) with the TFN reporting requirements. Recently, a diligent member of Tax & Super Australia decided that she would ensure that this was undertaken for all of her clients. However, she was unsure as to whether the
The Government has introduced legislation into parliament that will make several changes to the R&D tax incentive. The changes are aimed at “better targeting” of the incentive, enhancing its integrity and improving its administration.
The Federal Court has decided that 505 payments to medical practitioners, ostensibly for the purchase of the medical practitioners’ practices, were tax deductible to a public company. The amounts paid to the medical practitioners totalled nearly $44.4 million. The true legal effect of the contract between the doctors and the taxpayer was critical to the
When a capital asset is acquired, constructed or created taxpayers need to consider whether any of the cost of labour that relate to the acquisition, construction or creation should be added to the cost of the asset or immediately deducted. The ATO has released draft taxation ruling TR 2019/D6 in relation to this topic.
The Tax Agents Portal is about to close. It is being replaced by the Online Services for Agents facility. There is an important problem with this in relation to tax agents getting access to the information of deceased clients. In this video John Jeffreys explains the Tax Office’s workaround in relation to this issue. It
There is a problem with claiming a tax deduction for superannuation contributions made late in June and not received by the employee’s superannuation fund until July. The contributions are not deductible until they are received by the superannuation fund. The ATO has released a draft Practical Compliance Guideline PCG 2019/D8 in relation to this issue
The ATO has released draft taxation ruling TR 2019/D5 in relation to FBT on car parking benefits. It explains the law and has some interesting comments on what constitutes a commercial car park.
22 October 2019: Tax & Super Australia (TSA) says media reports following comments about tax agents by the Tax Practitioners Board (TPB) give an unfairly jaundiced view of the profession and do not consider the numerous challenges that tax professionals must navigate amid an increasingly complex tax system. Media reports about “dodgy claims” by tax