Recent Blogs

In response to COVID-19, at least one major national lender has reduced scheduled minimum home loan repayments with retrospective effect.  Borrowers who are ahead on their loan may then have the ability to redraw excess repayments. For an investment loan, redrawing for private or domestic purposes will render part of the loan interest non-deductible.  To […]

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Another tax audit trap…

Tax Agents

In a recent blog, we discussed how a tax agent in a tax audit can get into trouble under s50-20 of the Tax Agent Services Act (TASA) by making a statement or providing a document to the ATO which is false or misleading. However, that’s not the end of it. And what comes next will […]

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Tax agent audit trap!

Tax Agents

Tax agents regularly handle tax audits. Clients expect them (and only them) to deal with the ATO. Some clients expect tax agents to make the problem go away and, invariably, at no cost. All tax agents know that every tax audit requires the taxpayer to provide documents as and when requested by the ATO. Sometimes there […]

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Please forgive the dramatic introductory title, but we thought that the tax agent profession should be aware of a tiny part of the Tax Practitioner’s Board (TPB)’s investigative powers that are not apparent at first glance, but may have a catastrophic effect on a tax agent’s registration. Subdivision 60-E of the Tax Agent Services Act […]

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The High Court has delivered bad news for Victorian gaming operators, today overturning previous decisions of the Administrative Appeals Tribunal and Federal Court that fees paid for gaming machine entitlements (GMEs) are a general deduction in full in the income year incurred, or, alternatively, able to be written off over 5 years as capital expenditure. […]

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On 24 July 2019, the Government introduced legislation to enact the Federal Budget denial of tax deduction for vacant land integrity measures. Property developers, property investors and primary producers will need to review the landholding usage, contractual arrangements and business plans to ensure tax deductions are not denied from 1 July 2019. Federal Budget On […]

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Deduction of Gaming Machine Entitlement Expenditure

Gaming

The Commissioner has successfully sought special leave to appeal the decision of the Full Federal Court in Sharpcan P/L [2018] FCAFC 163, which had confirmed that gaming machine entitlement fees are a general deduction in full in the income year incurred, or, alternatively, a capital deduction over 5 years. Prior to 13 July 2016, the […]

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Health Clinics – Time for a Payroll Tax Check-Up?

Payroll tax

The Victorian State Revenue Office (VSRO) has been auditing and litigating against health care clinics, such as doctor, optometrist and radiologist clinics, over payroll tax liabilities. Payroll tax is levied on the Victorian wages (or deemed wages) payable by an employer (or group employer) to the employees (or deemed employees and designated contractors) if the […]

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There is good news for Victorian gaming operators with the Full Federal Court confirming in a recent case that gaming machine entitlement fees are a general deduction in full in the income year incurred, or, alternatively, a capital deduction over 5 years. Prior to 13 July 2016, the ATO accepted that gaming machine entitlement fees […]

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I’ll admit to the glamorisation of the role of a legal practitioner following television shows such as “Suits”. Let me tell you; being a lawyer is nowhere near as glamorous as the role portrayed by Harvey Specter’s character, but sometimes I think that some tax agents also think of themselves as glorified lawyers, especially when it […]

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