Our latest eNewsletter includes information on the following topics:
Beware of artificial trust arrangements to avoid tax- The ATO is aware of arrangements where discretionary trusts are being used to avoid paying taxes.
Extra 15% super contributions tax for high income earners – Early next year, the ATO will start issuing assessments for the new extra tax on contributions for individuals above the $300,000 income threshold.
Individual found to be an Australian tax resident – An individual has been unsuccessful before the Administrative Appeals Tribunal (AAT) in arguing that he was not a resident of Australia for tax purposes.
A share investor, not a share trader – The AAT has held that an individual was a share investor, and not a share trader as claimed, during the relevant years.
GST bill following hotel apartment purchases – The AAT has held that a partnership had an increasing adjustment following the purchase of two apartments in a hotel complex.
No relief from excess super contributions tax bill – The AAT has affirmed a decision to impose excess non-concessional contributions tax on an individual.
Departure from private ruling results in FBT assessments – The AAT has held that the Commissioner was no longer bound by a private binding ruling.
Tax man’s refusal of tax debt compromise deal – An individual has been unsuccessful in seeking a review of the Commissioner’s decision refusing to accept a tax compromise deal.
GST and adjustment notes – The ATO has issued a GST ruling that sets out the requirements for adjustment notes under the GST law.
Bonsella News – Updates from the Bonsella Team.
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