Taxation

Own an investment property or an expensive lifestyle asset like a boat or aircraft? The ATO are looking closely at these assets to see if what has been declared in tax returns matches up. The Australian Taxation Office (ATO) has initiated two data matching programs...

Don’t want to pay tax on Christmas? Here are our top tips to avoid giving the Australian Tax Office a bonus this festive season.   1. Keep team gifts spontaneous   $300 is the minor benefit threshold for FBT so anything at or above this level will mean that...

A decision by the Administrative Appeals Tribunal has the tax world in a flurry after the Tribunal found in favour of a taxpayer who sold the apartment she lived in for a loss, then claimed the $265,935 loss in her tax return as a deduction. In this case, the taxpayer...

Some 9500 small businesses have taken advantage of the ATO amnesty period. Some still have their heads in the sand. The Australian Taxation Office (ATO) has confirmed that small businesses with outstanding tax debts originally due between 1 December 2019 and 28...

What a difference timing makes. A recent case before the Administrative Appeals Tribunal (AAT) is a reminder about the tax impact of the timing of employment income. In this case, the taxpayer was a non-resident working in Kuwait. As part of his work, he was entitled...