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. The case of Rusanova and Commissioner of Taxation is enough for a telemovie. The plot features an Australian resident Russian couple ‘gifted’ over $1.6m in unexplained bank deposits,
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Click here to view PDF: NEWS UPDATE – AUGUST 2024 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 The case of Rusanova and Commissioner of Taxation is enough for
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The main residence exemption exempts your family home from capital gains tax (CGT) when you dispose of it. But, like all things involving tax, it’s never that simple. As the character of Darryl Kerrigan in The Castle said, “it’s not a house. It’s a home,” and the Australian Taxation Office’s (ATO) interpretation of a main
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Click here to view PDF: NEWS UPDATE – JULY 2024 What’s ahead for 2024-25? Will 2024-25 be another year of volatility or a return to stability? Personal tax & super As you would be aware (at least we hope so after a $40m public education campaign), the personal income tax cuts came into effect on
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The end of financial year is fast approaching. We outline the areas at risk of increased ATO scrutiny and the opportunities to maximise your deductions for your business. Opportunities Bonus deductions There are a series of bonus deductions available to small business in 2023-24, these include the instant asset write-off, energy incentive, and
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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. Opportunities Take advantage of the 1 July 2024 tax cuts by bringing forward your deductible expenses into 2023-24. Prepay your deductible expenses where possible,
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Click here to view PDF: NEWS UPDATE – JUNE2024 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. For you Opportunities Take advantage of the 1 July 2024 tax cuts by bringing forward
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A recent case before the Administrative Appeals Tribunal (AAT) highlights the importance of ensuring that the evidence supports the tax position you are taking. The case involves heritage farmland originally purchased for $1.6m that sold 7 years later for $4.25m and the GST debt that the ATO is now pursuing on the sale. In 2013,
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Tax Savings For the Taking! It’s that time of year when we all look at what last minute things we can do to maximise tax savings. In the wise words of the late Kerry Packer to a Senate estimates committee, “Of course I am minimising my tax. And if anybody in this country doesn’t minimise
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