Are you an owner of more than one property? If so, you may receive an additional land tax bill from the SRO in 2025. This article highlights the changes to the vacancy residential land tax and when you property may be considered ‘vacant’.
With the 2024 FBT year now over the focus switches to FBT return preparation and lodgement. This article outlines a variety of FBT matters that have crossed our desks in 2024, including the challenge of getting FBT compliance right.
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.
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.
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.
When an individual moves overseas there may be flow on capital gains tax consequences. A change in tax residency status may result in the individual taxpayer being denied any main residence exemption if they were to sell their former Australian residence while being a foreign resident. In this article, we highlight some important considerations.
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.
CGT event E4 can also be triggered by tax timing adjustments. In certain circumstances this could lead to double taxation for unitholders. This article explores an example situation where double taxation could arise.
The recent Federal Court Simplot Case debated on whether six frozen food products were ‘food of a kind marketed as a prepared meal’, and as such is subject to GST. In this article we analyse the verdict and discuss the possibility of some GST reform.
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.
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