Sub-trusts ‘redundant’ under final Div 7A ruling
With interest-only loans no longer an option the commercial incentive for sub-trusts ends, says the Tax Institute.
Tax Office homing in property deductions, SMSFs warned
With property deductions a big focus for the ATO this tax time, SMSFs have been warned on some of the pitfalls in this area that can land them in trouble.
ATO adds indebted sole traders to credit referrals
The step should help promote transparency and fairness, says IPA. The ATO has begun disclosing tax debts of sole traders to credit reporting bureaus (CRBs) if they meet its criteria for referral.
State and Federal Covid support --- Aug 2022
The following links are to the latest state and federal government plans, schemes, programs, and initiatives to help businesses and individuals manage continued national hardships.
ATO casts net wide when it comes to taxable business income
Commissions, investment earnings, gratuities and more must be included to be assessed, the office warns.
Largest natural gas produces by country from 1970-2021
See which country lead the worlds natural gas production at certain times in the last 50 years.
NALI ‘a special problem for SMSFs’
Tax benefits attract miscreants, but non-arm’s length rules should allow minor transgressions to be fixed, says CA ANZ.