Tax News & Articles

Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
Search in posts

The ATO’s required standard for tax documentation is “perfect”

ATO data matching has always existed. It is mostly used to pre-fill reports on tax returns, which can be helpful. Increasingly, the ATO has been using data matching to find inconsistencies in tax returns. In some cases, this approach seems to be focussed only on whether there is a technical breach of a tax law, with no consideration made of whether there has been any real tax mischief.

Read article

How much can a taxpayer rely on a tax agent?

In this article, we further discuss the burden of proof for the taxpayer at the AAT. We consider aspects of the WYVW decision including penalties, the safe harbour provisions and the level of care expected of directors when engaging a tax agent.

Read article

What documentation do small businesses really need?

When determining the assessable income of the taxpayer or assessments that have been amended as the result of an ATO audit, the onus of proof is on the taxpayer. Commonly the Commissioner wins, with a lack of contemporaneous documentation often being a fatal weakness. So what documents do taxpayers need? Find out here.

Read article

Through the tax looking glass

It seems appropriate for our final edition of The Assessment in 2023 that we look back on a few tax decisions from this year including EV charges and NFP reporting. We shall also cast our minds forward to foresee some possible tax changes to come in 2024.

Read article

Estate planning for property with multiple beneficiaries

About $3.5 trillion in assets will likely change hands in Australia by 2050. Most of this will be inherited by family beneficiaries. Given the amounts involved, estate planning should be undertaken to avoid unwanted tax bills. In this article we use a simple example to show how estate planning could potentially prevent an unwarranted CGT liability arising.

Read article

Employment termination settlement and concessional tax treatment

Having the correct classification of how employment ends is important. Describing the termination as a voluntary resignation in circumstances that indicate otherwise could have significant adverse tax consequences to the employee. This article explores the taxing of settlement receipts received in relation to the termination of employment.

Read article

Does Bendel’s case highlight broader cracks in the tax system?

The recent decision in Bendel’s Case has caused more than a ripple in income tax circles. There are numerous case summaries and commentary about what the decision might mean for the application of Division 7A. This case, in our view, represents a symptom of a bigger issue in relation to the way tax is being administered.

Read article


Follow Us

Want the latest articles sent straight to your inbox?
Sign up to The Assessment e-newsletter

Do you have a tax question? Contact us today.