taxInsight - 2015/05 – April

2015/05 – April from taxInsight

Taxpayer wins against Tax Office

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

Tax complaints to be heard by the Inspector-General of Taxation

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

Take care with your Self Managed Super Fund!

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

Disclaimer: The information contained in this publication is for guidance only and we believe it is correct at the time of publishing. It should not be relied upon without obtaining professional advice regarding your circumstances. No responsibility for loss occasioned directly or indirectly to any person acting or refraining from acting wholly or partially upon or as a result of the material in this online publication or for any error in or omission from or external broken links within this online publication can be accepted by the publisher or any author, editor, contributor or consultant of any company referred to herein.

© Copyright Andrew and Tony Lovett - All rights reserved. No part of this publication may be republished in any form or by any means, electronic, photocopying, recording or otherwise without written permission.