Taxation
Reading Room - Taxation
The ATO is willing to pursue professional services firms who divert profits to avoid tax. The ATO can potentially challenge arrangements involving the distribution of profits from a professional practice.
The ATO has warned trustees of SMSFs about sloppy valuation practices. For trustees of SMSFs, where asset values are consistently reported at the same value, your SMSF may be flagged for closer scrutiny.
t’s not uncommon for business owners to pour their money into a business to get it up and running until it can survive on its own. A recent case highlights the dangers of taking money out of a company without considering tax implications.
From 1 July 2024, the amount you can contribute to superannuation will increase from $27,500 to $30,000 for concessional super contributions and from $110,000 to $120,000 for non-concessional contributions.
The ATO has paused all action in relation to debts placed on hold prior to 2017 whilst they review and develop a pragmatic and sensible way forward that takes into account concerns raised by the community.
If your business is planning on acquiring an electric vehicle, be aware that from 31 March 2025, the FBT exemption will no longer apply to plug-in hybrid electric vehicles unless certain conditions apply.
The revised stage 3 tax cuts have passed Parliament and will come into effect on 1 July 2024.
Before the new tax rates come into effect, check any salary sacrifice agreements to ensure that they will continue to produce the result you are after.
A recent case before the Administrative Appeals Tribunal (AAT) highlights the importance of ensuring that the evidence supports the tax position you are taking.
An SMSF can invest in property development if trustees ensure the investment complies with the rules. And, there are a lot of rules. We look at the pros, cons and problems that often occur.
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