Have you considered investing in an Early Stage Innovation Company (ESIC)? Investing in an ESIC can sound in a reduction in your overall tax bill provided the relevant statutory requirements are met. The tax breaks arising on investments in ESICs, which were introduced last year, are contained in Division 360-A of [...]
In the last few years the tax residence of companies and individuals has been challenged by the ATO resulting in a large number of reported decisions. Those decisions are considered, as is the resident status of trusts, and the characterisation of civil law entities as either companies or trusts for [...]
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 [...]
