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Client Alert for September 2013
Wright Partners • Sep 05, 2013
Federal Election tax announcements
ATO compliance target areas
CGT small business concessions denied
TIP: This case demonstrates the need to be aware of the various conditions required to be satisfied in order to claim the CGT concessions for small businesses. In this case, the key issue was whether three commercial properties that the taxpayer used in carrying on a business of deriving rent qualified as "active assets" and were therefore potentially eligible for the concessions. However, the AAT found that a specific exclusion under the tax law for assets used mainly to derive rent applied. Please contact the ATO if you would like further information.
Deductions for accommodation and food refused
Redundancy payment for overseas work assessable
ATO telephone advice does not excuse wrong GST claim
TIP: Most taxpayers will, often or not, rely on spoken advice. They may contact one of the many enquiry lines that have been set up by various governmental departments, which provide callers with free and quick advice on not only the operation of the law, but also how it is being put into practice within those departments. However, taxpayers need to be cautious about relying on such advice. As the AAT said in this case, given the size of the taxpayer's claim, "a private taxation ruling, or at least informed professional advice, could and should have been sought".
Money from ex-husband's company assessable
Poor recordkeeping, so fuel tax credit claims refused
