Tax News & Articles

Category: Income Tax

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

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

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

Does section 100A truly have an unlimited amendment period?

The recent release of a trio of tax guidance documents by the ATO addressing section 100A, has caused quite the stir amongst advisors and their clients. Of key concern is the apparent retrospectivity in which the Commissioner’s views expressed in these documents could be applied.

Read article

Are there limits on the Commissioner applying section 100A?

Section 100A can apply to trust distributions where a beneficiary is made presently entitled to a share of trust income and that present entitlement arose out of a reimbursement agreement. This draft ruling is intended to address the exclusions – in other words the situations where section 100A does not apply.

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.