IN THE CURRENT ECONOMIC AND LEGISLATIVE CLIMATE ITS TIME TO REVIEW YOUR ASSET PROTECTION PLAN Asset Protection involves implementing strategies to separate your personal assets from your business risks. Asset protection is an essential part of any business structure to be considered by professional advisors and clients alike. It is [...]
ATO COMPLIANCE PROGRAM – 2012/13 The ATO will be targeting the following areas (among others) in the 2012/13 financial year: Individual taxpayers: incorrect or fraudulent refunds from over-claiming and deliberate fraud; review of work-related expenses for occupations with high levels of claims; people getting caught up in tax avoidance schemes; [...]
FIRST CASE ON THE EXERCISE OF COMMISSIONER’S DISCRETION TO DISREGARD NON- COMPLIANCE WITH DIV 7A Section 109RB of Div 7A gives the Commissioner a discretion to disregard non-compliance with Div 7A, where otherwise there would have been deemed dividend, where caused by an “honest mistake or inadvertent omission”, which terms [...]
