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.
Having the correct classification of how employment ends is important. Describing the termination as a voluntary resignation in circumstances that indicate otherwise could have significant adverse tax consequences to the employee. This article explores the taxing of settlement receipts received in relation to the termination of employment.
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.
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