Trusts, and more specifically family or discretionary trusts are a key strategy for many Australian taxpayers wanting to legitimately minimize their tax positions, and also to protect their wealth against attack. However, they are under the microscope again of the Tax Office again as they try to reduce their effectiveness.
For those required to travel for their work and business, they may be paid a travel allowance from their employer to go towards covering their costs whilst travelling away from home. Generally, allowances received may be considered to be income and required to be declared in the tax return, with then the ability to claim deductions for costs incurred to which the allowance is being paid. (more…)
The Tax Office has released its annual compliance program for the coming 2010 year. The purpose of this is for the Tax Office to outline the continuing areas that the ATO will focus on, as well as additional areas of “interest” to the Tax Office that will be given specific attention. (more…)
Each year at this time, the Commissioner of Taxation announces key areas the Tax Office will focus on as part of its annual audit regime.
Many of the focus areas stay the same from year to year, although the ATO will add areas to its radar where it believes there is system abuse. (more…)
