Ride sharing is a taxi for expenses
The Federal Court has handed down a decision in a case that deems ride-sourcing is taxi travel within the meaning of the GST law. If the applicant in this particular case appeals this decision, the ATO has announced that it will continue to administer the law according to its already published advice until there is […]
Litigation funding for ATO cases
The ATO says it can help fund some reasonable litigation costs if the outcome of a particular case will affect a significant number of taxpayers by: Funding litigation costs for tax cases Its test case litigation program was established to fund cases that have broader implications beyond individual disputes with the ATO. The program can […]
Be prepared for data matching
Every year, the ATO collects new data from financial institutions and matches this data with its own information, which is sourced from income tax returns, activity statements and other tax records. Data matching ATO targets card payments, online sales, ride sourcingIt says that its current data matching activities are focused on gathering data on: The […]
Legal Expenses Deductions
When a legal expense is incurred in relation to the operation of a business to produce assessable income, it is generally allowable as a deduction. Exceptions are when the legal fee is capital, domestic or private in nature, if it is specifically excluded by another section of income tax legislation, or is incurred in earning […]
Hobby farm basics
Hobby farming is a lifestyle choice that has been around for years and looks like an option that, if anything, is on the increase. And while it can be easy to poke fun at the success or otherwise of the average hobby farmer (like the old joke about their skills at growing blackberries and rabbits), […]
Website design claims
Creating and maintaining a website is expensive because it’s complicated. Lots of small businesses pay hefty costs to have their sites run because they don’t have the time or expertise to do it themselves. So here is some guidance on how you can go about claiming a deduction for your website development costs. Start-up costs […]
FBT and parking
A business becomes liable for fringe benefits tax where it provides car parking benefits in the form of a car parking facility for more than four hours on its premises to its employees, and the relevant car parking facility is situated within one kilometre of a commercial car park where the minimum all day cost […]
SMSF Trustee Disputes
Everyone goes through the odd rough patch in their relationships with one another and SMSF trustees are no different. However the ramifications of a dispute between trustees are likely to have more wide ranging affects than the average quarrel between friends as SMSF trustees have vested interests, established duties and legal responsibilities towards the fund, […]
Freshening a pre-CGT asset
There are several provisions in the ITAA97 that can “freshen-up” the status of pre-CGT assets. These provisions need to be considered before making a conclusion that because an asset was prima-facie acquired prior to 19 September 1985, there is no CGT payable on any capital profit made on the disposal of the property. Subdivision 108-D […]
Div 7A Common Errors
The Division 7A laws have been in place for more than 15 years now and are encountered on a regular basis by many practitioners. Despite this implied familiarity, ATO audits often result in significant adjustments being made on the basis that Division 7A has been incorrectly applied. This article highlights four areas where practitioners commonly […]
