Legislation has been introduced in Parliament that proposes to allow primary producers to return to income tax averaging 10 income years after choosing to opt out, instead of the opt-out choice being permanent.
Frank Sinatra's My Way probably hasn't been among the karaoke top 100 for years. Yet its signature lyrics, "regrets, I've had a few", will certainly resonate with all of us – including recent retirees.
The small business capital gains tax concessions are extremely valuable, and for small business owners who need to dispose of assets that have risen in value during the time they have owned them, accessing these concessions can mean greatly reducing any consequent tax liability, even to zero.
Deloitte has outlined behaviours that typically do not pass the “sniff test” and can alert the ATO to potential non-compliance or suspect SMSF transactions.
The ATO is continuing to crack down on the incorrect use of the Research & Development Tax Incentive program, issuing an additional two taxpayer alerts.
One of the underlying attributes of Australia's superannuation system is that it starts young adults saving for retirement as soon as they join the workforce.
It was about 1990 when the ATO was asked about the tax deductibility of interest on a loan a business may have taken out to repay a tax debt.
The Australian government has introduced legislation to Parliament to implement a new string of tax measures to prevent multinationals from profit shifting.
The Australian Taxation Office (ATO) continues to increase their surveillance activity and utilize the electronic data bases of on-line sellers.
Unfortunately, many people would reach their mid-fifties and conclude that their savings are not on track to finance a satisfactory lifestyle in retirement.