Tax claims for R&D costs mostly allowed The AAT has mostly allowed a company’s deduction claims for research and development (R&D) expenditure at the 125% premium rate, but disallowed other claims in respect of overlapping expenditure. Over an extended period, the taxpayer conducted various plant trials to test possible ways to improve its copper and […]
Mining tax gone but watch for associated tax changes Following the speedy passage of the mining tax repeal legislation, on 9 September 2014 the Government announced that it will be recommending to the Governor-General that he proclaim 30 September 2014 as the commencement date for Schedules 1 to 5 to the Minerals Resource Rent Tax […]
Mining tax gone but watch for associated tax changes The mining tax has been repealed. However, in order to pass the legislation through the Senate, the Government made a deal with the Palmer United Party and Senator Muir to defer the abolition of: the Income Support Bonus to 31 December 2016; the Schoolkids Bonus to […]
Share transfer to family partnership ineffective The Administrative Appeals Tribunal (AAT) has dismissed applications from a married couple and found that they were each assessable on dividends of some $1.8 million that they did not return in their assessable income. In doing so, the AAT dismissed the taxpayers’ argument that shares in a family company […]
Share transfer to family partnership ineffective A husband and wife have been unsuccessful before the Administrative Appeals Tribunal (AAT) in arguing that they had transferred shares in a family company to a family partnership, and that therefore they should not be assessed on dividends issued by the company to themselves. The AAT examined the partnership […]
Tax debt release on serious hardship grounds refused A taxpayer has been unsuccessful before the Administrative Appeals Tribunal (AAT) in seeking to be released from his tax liabilities under s 340-5 of Sch 1 of the Taxation Administration Act 1953. As of 4 May 2014, the taxpayer’s outstanding tax debts amounted to around $58,000. However, […]
Tax debt release on serious hardship grounds refused In a recent case, the Administrative Appeals Tribunal (AAT) refused an individual’s application to be released from his tax debt of $58,000 on the grounds of serious hardship. The AAT noted that no explanation was offered for the taxpayer’s failure to meet his tax liabilities as they […]
ATO Compliance Program New Tax Rates – Residents and Non-Residents Household Assistance Package Tax Offsets SchoolKids Bonus Private Healthcare and Medicare Levy Surcharge changes Superannuation Are you an employee or contractor? Living Away From Home Allowance Personal Services Income – ATO Letters Reasonable Travel and Overtime Meal Allowances New PAYG Instalment Options Employment Termination Payments […]
Individual Income Tax Rates – Withholding Obligations Living Away From Home Allowance Company Loss Carry-Back Measure Refunding Excess GST Tax and GST Compliance for SMEs Small business benchmarks Planning to sell your business? Proof of ID for non-resident businesses Goods taken from stock for private use Common mistakes with reporting trust income New PAYG Instalment […]
30 June is around the corner Medicare levy low income thresholds Private health insurance rebate and Medicare levy surcharge changes Tax offset changes from 1 July 2012 Living-away-from-home allowance changes Small business changes starting in the 2012-13 income year Superannuation changes Residential premises developments – new GST treatment Taxable payments reporting – building and construction […]