On 28 August 2019, the Australian Small Business and Family Enterprise Ombudsman: Kate Carnell put out a media release saying she is concerned by reports the government (the ATO) has clawed back $200 million, in the 2018 financial year, from businesses who have claimed the R&D Tax Incentive and has been investigating the impact of…
On Wed 28.8.2019, the ATO issued Draft Taxation Determination TD 2019/D5 on what expenses are taken into account in determining whether a company meets the requirements of an early stage innovation company (ESIC). See below for further detail about the draft determination. FJM 28.8.19 [Tax Month – August 2019]
In this case, all the income derived from a consultant’s skills, but split between the consultant and his wife, via a third party trust arrangement, was assessable to the consultant, as his ‘ordinary income’ and as ‘personal services income’. See below for further detail about the case and a link to the report. FJM 28.8.19…
On appeal, the Full Federal Court has upheld (by majority) that a decision that a taxpayer was not entitled to a full foreign income tax offset (FITO) for US tax paid on the sale of investments, as only half the capital gain had been included in his assessable income although there was an ancillary DTA…
ASIC banned a NSW Mortgage broker from providing financial services – as a result of applying for 60 SMSF loans in the wrong name. The ban was for 3 years but the AAT reduced that to 18 months. See below for further details about the wrongdoing and the result. FJM 28.8.19 [Tax Month – August…