When is a gift not a gift?

The Tax Commissioner has successfully argued that more than $1.6m deposited in a couple’s bank account was assessable income, not a gift or a loan from friends.

TaxationJPR BUSINESS GROUP8 August 2024Taxation, australian tax office

The essential 30 June guide

The end of the financial year is fast approaching. We outline the areas at risk of increased ATO scrutiny and the opportunities to maximise your deductions.

ATO fires warning shot on trust distributions

The way in which trusts distribute income has come under intense scrutiny in recent years. Trust distribution arrangements need to be carefully considered by trustees before taking steps to appoint or distribute income to beneficiaries.

Company Money Crackdown

It’s common for business owners to utilise company resources for their personal use. The business is often such a part of their life that the line distinguishing ‘the business’ from their life can be blurred.

Taxation, New BusinessJPR BUSINESS GROUP29 April 2024ATO, australian tax office, Taxation, Tax law

The assault on professional services

The ATO has signalled that it is willing to pursue professional services firms who divert profits to avoid tax.

Tax Traps of Fringe Benefits

The Fringe Benefits Tax year (FBT) ends on 31 March. We explore the problem areas likely to attract the ATO’s attention.

TaxationJPR BUSINESS GROUP7 March 2024tax, Taxation, Fringe benefit tax, ATO, australian tax office

The Tax Office Debt Dilemma

Late last year, thousands of taxpayers and their agents were advised by the Australian Taxation Office (ATO) that they had an outstanding historical tax debt. The only problem was, many had no idea that the tax debt existed.

TaxationJPR BUSINESS GROUP1 March 2024Taxation, australian tax office

The problem when the evidence doesn't match what the taxpayer tells the ATO

A recent case before the Administrative Appeals Tribunal (AAT) highlights the importance of ensuring that the evidence supports the tax position you are taking.

TaxationJPR BUSINESS GROUP9 January 2024ATO, Taxation, australian tax office

ATO Rental Property Blitz

The Australian Taxation Office (ATO) has launched a full-on assault on rental property owners who incorrectly report income and expenses.

TaxationJPR BUSINESS GROUP2 May 2023tax, rental property, ATO, australian tax office

What sharing platforms are sharing with the ATO

From 1 July 2023, a new reporting regime will require platforms that enable taxi services including ride sourcing, and short-term accommodation to report their transactions to the ATO each year. From 1 July 2024, the regime will expand to include all other platforms.