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.
Tax News & Articles
Taxpayers have the right to arrange their financial affairs within the intent of the tax law. However, with any strategy or course of action taken, taxpayers and advisors should exercise caution and be prepared to justify that the effect is commercially reasonable. In this article we explore some of the lessons learnt from the latest S.100A BBlood case.
ATO reviews and audits in the SME space closely scrutinise Division 7A. Despite being in existence for 25 years, errors are still commonly made in this area. As there is limited scope within Division 7A to rectify errors, it is crucial to get everything right the first time.
It is becoming increasingly complex for trustees of discretionary trusts to navigate the tax landscape with regard to trust fund distributions. A trustee must deliberate the risk of the anti-avoidance provisions applying i.e., section 100A and the general anti avoidance provisions in Part IVA of the ITAA 1936.
Distributions from discretionary trusts are under increasing scrutiny from the ATO. This article highlights some recent s.100A developments and practical ways of managing the s.100A risk.
The Australian Taxation Office (ATO) has recently updated its guidance on the employee v contractor classification following several High Court decisions. Read on for our summary of what this means for you and your clients.
Given the ATO’s increasing use of data and analytics as an administrative and law enforcement tool, there is certainly a risk of taxpayers being subject to ATO compliance activities. This article considers the standard of proof required in the context of default assessment.
Residency is a key concept for Australian tax purposes. It determines whether a person is subject to tax in Australia, and what income is subject to tax. A resident of Australia is subject to tax on income from all sources worldwide. In this article, we have set out some of the key comments made in the draft ruling.
As the 2022 financial year comes to a close, practitioners will be working closely with their clients to ensure they meet their income tax obligations. This article seeks to highlight some of the recent tax developments for consideration as practitioners finalise and implement their clients’ year end plans as well as some of the key changes that apply from 1 July 2022.