Businesses Get Increased Access To Losses

Businesses get increased access to losses - Tax Accountants Brisbane

In the first quarter of this calendar year, legislation was passed that will supplement the ATO’s current “same business test” for losses with a more flexible “similar business test”. The new test will expand access to past year losses when companies enter into new transactions or business activities.

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Event Based Reporting Mistakes Lead To More Smsf Audits

Event-based reporting mistakes lead to more SMSF audits - Tax Accountants Bankstown

In the year since event-based reporting (EBR) started for SMSFs (from 1 July 2018) the ATO says an unprecedented number of transfer balance cap reports have required re-reporting.

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Business Trading Structures  What’S Best For Your Business

Business trading structures: What’s best for your business? - Tax Accountants Artarmon

When you have plans for starting a new business, one of the central decisions is which business trading structure will work best for your venture.

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Penalty Interest Can Be Deductible Under Specific Conditions

Penalty interest can be deductible, under specific conditions - Tax Accountants Willetton

A new ruling has been released by the ATO on the deductibility or otherwise of “penalty interest”. The term penalty interest refers to an amount payable by a borrower under a loan agreement when the lender agrees to an early repayment of a loan. The amount payable is commonly calculated by reference to the number of months of interest payments that would have been received but for the early payment.

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Personal Deductions For Car Parking Expenses

Personal deductions for car parking expenses - Tax Accountants Lidcombe

Car parking fees incurred in the course of producing assessable income are generally deductible, but special rules apply if the car is used by an employee to commute between home and work or the car is provided to the employee by the employer.

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Ato Actions On Trusts And Tax Avoidance

ATO actions on trusts and tax avoidance - Tax Accountants Hobart

The ATO says that it recognises that most trusts are used appropriately and for legitimate purposes. It says it will continue to help those who make genuine mistakes or are uncertain about how the law applies to their circumstances.

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