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The ATO has advised that they will begin cancelling the ABNs of approximately 220,000 trusts, where there is evidence those trusts are no longer carrying on an enterprise. Trust ABNs will be cancelled from February, where information available indicates that,…

Editor:  In a recent case, a taxpayer undertook significant trades on the stock exchange and made losses, but was still found to be a ‘share investor’, rather than a share trader, meaning she could not deduct her losses against her…

The ATO has advised that it will collect information from the Department of Human Services (DHS) for the following benefits and entitlements: Family tax benefits – part B; Paid parental leave scheme; Carers’ allowance; and Medicare entitlement statements. This data…

The ATO has just announced that it is starting a new “asset” data matching protocol and extending another CGT and rental protocol that has been running successfully for the last ten years. Data matching on insurance taken out on certain…

The ATO has reminded taxpayers that, in relation to claiming car expenses, the one-third of actual expenses method and 12% of original value method were abolished from 1 July 2015. The cents per kilometre method now uses a standard rate…

The ATO has advised that foreigners who own land in Australia now have until 29 February 2016 to come forward and register their agricultural land holdings. All foreign individuals, companies and trustees are required to notify the ATO if they:…