November 2014 Newsletter
Offshore income tax amnesty nearing its end
The deadline to take advantage of the ATO’s initiative to allow eligible taxpayers to come forward and voluntarily disclose unreported foreign income and assets with reduced penalties is nearing.
Subsidy to encourage employers to hire mature workers
The mature age worker tax offset will be abolished by the Government from the 2014–2015 income year and later income years.
Tax claims for research and development 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.
Compensation for providing domestic help taxable
The AATl has affirmed a decision of the Commissioner that a payment made to an individual for compensation for domestic assistance was assessable as ordinary income under the tax law.
Perfecting a security interest over corporate property
A security interest in corporate property must be registered on the Personal Property Securities Register (PPSR) as soon as possible. A recent Federal Court decision involving a loan from a self-managed super fund (SMSF) to a company...
Doctor obtains tax relief for olive-growing activities
A medical practitioner has been, in the main, successful before the Administrative Appeals Tribunal (AAT) in seeking to have losses from his olive growing activities deducted from his other assessable income.