*Deductibility of expenses against PSI [C4]

The AAT has mostly affirmed the Commissioner’s decision that losses and outgoings a taxpayer incurred in earning personal services income (PSI) were not allowable deductions as there was not enough substantiation. The taxpayer provided horticultural advice to a business through a company. The Tribunal previously concluded in AAT Case [2009] AATA 906 that the income…

Regulatory framework for public ancillary funds: Treasury releases submissions by public [A4]

Treasury has advised that it received 21 submissions in response to the draft guidelines that were released to provide a new regulatory framework for public ancillary funds. There were 20 public submissions and 1 confidential submission. Treasury received submissions from Australia Council for the Arts, Australian Community Philanthropy, Blake Dawson, and other important stakeholders. [LTN…