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February 2017 Tax Newsletter

· Newsletters
  • ATO develops work-related expenses risk profiles - The ATO has developed work-related expenses risk profiles to help it identify how work-related expense deduction amounts compare for similar taxpayers.
  • Onus on taxpayers to show no fraud or evasion - The Full Federal Court has confirmed that a taxpayer bears the onus of proving the absence of fraud or evasion where the Commissioner has issued an assessment “out of time” on the basis of “fraud or evasion”.
  • Admin penalties of 75% for failing to lodge FBT returns The AAT has confirmed that 75% administrative penalties were rightfully imposed on several companies that failed to lodge FBT returns over a four-year period..
  • Taxation ruling on commercial website deductibility - In TR 2016/3, the ATO sets out the tax deductibility of expenditure to set up and maintain a business website.
  • Taxation determination on deductions for bad debts - The ATO has issued TD 2016/19 stating that a trust beneficiary is not entitled to a deduction for an unpaid present entitlement that they purport to write off as a bad debt.
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