Revenue laws are deliberately framed to advantage the revenue collector –the Tax Office. In a recent case, Re Rasschta Coatings Pty Ltd as trustee for the Rasschta Coatings Trust and FCT (2015) AATA34 a business that was audited by the Tax Office could not produce financial records and source documents because they were all destroyed in the 2010/11 floods which inundated much of Brisbane. Did the Tax Office auditors view this situation compassionately? No. The undertook an analysis of deposits into the bank and the taxpayer’s bank account and issued GST assessments and tax assessments, together with penalties on the […]read news read article read question view tips
Currently, if you want to complain about the treatment you have received from the Tax Office, you can go to the Commonwealth Ombudsman. This, in itself, has been a source of concern as there has been a perception that complainants do not get a fair hearing. Amendments, announced in the 2014/15 Federal Budget, have now been introduced into Parliament in the Tax and Super Bill (No. 7) 2014. These will result in the transferring of the tax investigative and complaint handling function of the Commonwealth Ombudsman to the Inspector-General of Taxation and merge that function with the Inspector General’s existing […]read news read article read question view tips
Do you manage your own SMSF?. They are becoming very popular among savvy business people and high income earners because you can manage your own investments in the way you prefer. But take care to follow all the rules. Penalties of extra tax and fines can be very heavy if you are caught breaching them. You cannot consider monies and assets in a SMSF as if they were your own. These investments are heavily regulated and must comply until you actually receive superannuation benefits. In a recent case (Olsen v Early Sunshine Pty Ltd and ors) before the Federal Court, […]read news read article read question view tips
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