The ATO has requested insurance policy information from 30 insurers for lifestyle assets such as yachts, thoroughbred horses, and fine arts.
Late in 2019, legislative changes were made that exclude non-residents from accessing the main residence exemption.
On Sunday 22 March, 2020 the Government released a second, far reaching $66.1 bn stimulus package that boosts income support payments, introduces targeted changes to the superannuation rules, provides cash flow support of up to $100,000 for small business employers, and relaxes corporate insolvency laws.
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.
If the ATO has queries or suspects something is not right, you need to be able to respond.
Saving as much tax as possible is one way to give your business a greater chance of success.
Christmas parties are considered to be “entertainment benefits”. Therefore, the expenses may be subject to fringe benefits tax (FBT).
Supposedly, up to 800 businesses will be targeted by the ATO and Fair Work Ombudsman.