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A lack of supporting evidence has led to a company failing to prove it was entitled to claim deductions for tax losses (totalling $25 million) the company incurred for a property development, most notably during the 1990 to 1995 income years. The company then…

From 1 July 2017, overseas clients with an Australian turnover of $75,000 or more will need to register for, collect and pay GST on goods up to $1,000 that they sell to consumers in Australia. If Australian clients are registered for GST and…

The ATO is visiting more than 400 businesses across Perth and Canberra this month as part of a campaign to “help small businesses stay on top  of their tax affairs”. Assistant Commissioner Tom Wheeler said: “Our officers will be visiting restaurants…

The ATO must be concerned about healthcare practitioners receiving lump sums and  treating them as capital payments, as they have released a detailed fact sheet setting out what they expect to see in such situations. If a healthcare practitioner (such as a doctor, dentist, physical…

In conjunction with the introduction of the temporary budget repair levy (of 2%, payable by high income earners), the FBT rate was also increased from 47% to 49% for the 2016 and 2017 FBT years. However, the FBT rate will revert back to 47% from…

The constantly growing importance of the internet means that many business are now establishing themselves on social media. While there are major benefits for a major business with an online presence, it can also lead to increased public negative feedback.…