Key News Summary – the ATO released its income tax gap statements for $250m+ turnover companies for the 2015-16 year, showing the gap down to $1.8b or 4% of the $40b total tax paid. On 13 Dec 2018, the ATO released details of the latest figures ‘income tax gap’ figures for the large corporate…
Key News Summary – the Commissioner has released the 4th Corporate Tax Transparency Report, for the 2016-17 year showing 2019 entities, with overall increases in all of total income, taxable income, tax payable and the number of entities. 14 entities pay the PRRT and 20% to 30% of the ASX 500 report current year losses. …
Key News Summary – In Queensland Maintenance Services Pty Ltd (In Liquidation) v FCT, the AAT found that the Commissioner was right to disallow general deductions, under s8-1 of the ITAA97, for ‘renovation compensation invoices’ because of curious facts affecting purpose and ‘management fee expenses’ because they were to buy the right to manage the…