Newsletter
October 2012 Newsletter
New company loss carry-back regime - A Breath of Fresh Air!
The Government intends to introduce a company loss carry-back regime and has released draft legislation for public consultation.
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ATO focus on small businesses and wealthy individuals - Technology makes them smarter by the day!
The ATO has launched a public online resource that spells out its tax compliance approach to small businesses and wealthy individuals.
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Bakery finds itself on the wrong side of ATO benchmarks - Ouch, that would have cost some dough!
In a recent decision, the Administrative Appeals Tribunal (AAT) affirmed an amended assessment issued to a bakery business for undeclared income and incorrectly calculated GST.
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Proud to be an Aussie - but I promise I was working overseas!
The AAT has recently heard two cases relating to whether the individual taxpayers involved, men who worked in the oil and gas industry in the Middle East, were Australian residents for tax purposes.
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Superannuation: excess contributions tax assessment set aside - Finally, A win for the common man!
A taxpayer has been successful in convincing the AAT that there were “special circumstances” that warranted the setting aside of his excess contributions tax assessment.
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Goods taken from stock for private use
The ATO has updated the amounts that the Commissioner will accept for 2011–2012 as estimates of the value of goods taken from trading stock for private use by taxpayers in certain specified industries.
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