The ATO’s recently released interpretation will have a significant negative impact for some.
Previously, offshore sellers of Australian commercial accommodation had been exempt from the rule.
Saving as much tax as possible is one way to give your business a greater chance of success.
Depending on your specific circumstances, these may or may not be relevant for you.
Generally, this scenario is labelled as an ‘expense payment fringe benefit’.
The ATO thinks the number of tip-offs will reach around 70,000 for the full financial year.
The tax office have identified that a large number of Australian high wealth individuals are not adhering to their tax responsibilities.
The tax office have made a few crucial notes for small businesses and taxpayers before they lodge their tax return.