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.
Tax News & Articles
Category: Tax News
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.
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.
Most practitioners are familiar with Division 7A integrity measures. However, the breadth of when an entity qualifies as an associate of a trust may, in some instances, cause non-related party loans be within the scope of Division 7A. This article explores the concept of associate for a trust.
There is a common misconception that the Division 328-G small business restructure rollover is easily accessible compared to other CGT rollover reliefs. This article highlights some of the hurdles that could prevent small businesses from qualifying.
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.
Webb Martin Consulting is excited to announce that Neil Jones will be joining us as a consultant. Neil brings with him a wealth of experience with over 40 years in the tax industry. Having Neil on board provides us with added depth and experience to draw from when advising clients.