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The problem when the evidence doesn’t match what the taxpayer tells the ATO   A recent case before the Administrative Appeals Tribunal (AAT) highlights the importance of ensuring that the evidence supports the tax position you are taking.   The case involves heritage farmland originally purchased for $1.6m that sold 7 years later for $4.25m and the GST debt that the ATO is now pursuing on the sale.   In 2013, the taxpayer purchased Sutton

Navigating Financial Strategies for 2024   As 2024 unfolds, businesses of all sizes are facing a landscape shaped by the challenges of the previous year.    The economic outlook, while optimistic, still presents a degree of uncertainty.    In this context, refining financial strategies becomes not just beneficial, but essential for the stability and growth of your business.    This guide focuses on establishing effective financial strategies for 2024, ensuring your business is well-equipped to

The key influences of 2024   Uncertainty has reigned over the last few years, but can we expect more consistency as we head into 2024? We explore some of the key issues and influences.   Inflation and labour supply   RBA Governor Michelle Bullock stated, “Inflation is past its peak and heading in the right direction, but it is likely to return to target a bit more slowly than we previously thought.” While there have

The controversial case of the taxpayer who claimed a loss on their home   A decision by the Administrative Appeals Tribunal has the tax world in a flurry after the Tribunal found in favour of a taxpayer who sold the apartment she lived in for a loss, then claimed the $265,935 loss in her tax return as a deduction.   In this case, the taxpayer successfully argued that the purchase and sale of the apartment

The Christmas tax dilemma:   Bah humbug. Don’t want to pay tax on Christmas? Here are our top tips to avoid giving the Australian Tax Office a bonus this festive season.    1. Keep team gifts spontaneous   $300 is the minor benefit threshold for FBT so anything at or above this level will mean that your Christmas generosity will result in a gift to the ATO at a rate of 47%. To qualify as a