Remedial Power – Determination extends the Small Business Restructure Roll-over ‘direct tax’ relief to depreciating assets – so they could not be a deemed dividend (for instance)

Tax Month - April 2018

The Commissioner has exercised his ‘Remedial Power’, in s370-5 of the TAA1, by making the Taxation Administration (Remedial Power – Small Business Restructure Roll-over)  Determination 2017. This is to make the Small Business Restructure Roll-over (Restructure Rollover) provisions work better, with respect to depreciating assets. The ‘Remedial Power’ allows the Commissioner to modify the tax…

PSJF v CofT – Deductions for $37k of employee photographer’s work-related expenses denied in the absence of requisite substantiation and doubts about underlying deductibility

Tax Month - April 2018

The AAT has upheld the Commissioner’s objection decision, which denied a photographer/taxpayer work-related expenses claimed by a photographer on the basis that he failed to discharge his onus of establishing that the claimed amounts were deductible. The taxpayer claimed travel expenses and other expenses (eg stationary, mobile phone, protective gear, internet, computer hardware, camera, depreciation)…