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Category: ATO

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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.

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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.

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Lessons from BBlood

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.

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Guardian AIT case: Could Part IVA apply to trust distributions?

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.

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Residency for Individuals: the ATO view

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.

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It’s tax season again! Key matters to consider for FY2022

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.

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