October 2014 Newsletter
Professional firms and profit distribution under scrutiny
The ATO is investigating arrangements involving the allocation of profits from a professional firm carried on through a partnership, trust or company, where the income of the firm is not personal...
Dividend washing compliance still on the ATO radar
The ATO has been chasing up individuals who did not respond to its initial letter indicating that the individual may have entered into dividend washing transactions.
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The mining tax has been repealed.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...
Rental property deductions and avoiding common errors
The ATO has warned landlords that it is increasing its focus on rental property deductions. The ATO has identified a number of common errors made by rental property owners.
Data-matching offshore bank accounts
The ATO is widening the breadth of data it obtains on individuals from financial institutions, possibly revealing hidden or undisclosed offshore income.
Settlement for damages subject to capital gains tax
The Administrative Appeals Tribunal (AAT) has held that an individual was liable to capital gains tax on a settlement payment of $350,000 received in respect of litigation she pursued for damages for breach...
Bitcoin tax guidance from the ATO
The ATO has released its views on the tax treatment of Bitcoins. Users of Bitcoins and businesses transacting with Bitcoins should be aware that the ATO has confirmed that it does not consider...