The ATO has reminded taxpayers that, if they run their home-based business as a company or trust, their business should have a genuine, marketrate rental contract (or similar agreement) with the owner of the property.

The ATO is reminding businesses that are looking to expand or improve their business and thinking of buying new or second hand assets, that medium sized businesses with a turnover up to $50 million (but at least $10 million) are eligible for the instant asset write-off.

A taxpayer involved in a high-profile stoush with the ATO over residency rules has been given the backing of the High Court as it refuses the Commissioner of Taxation’s appeal application.

Financial statements are prepared according to agreed upon guidelines. In order to understand these guidelines, it helps to understand the objectives of financial reporting. The objectives of financial reporting are to provide information that

The ATO has published some of the most unusual claims that they disallowed last financial year. Nearly 700,000 taxpayers claimed almost $2 billion of ‘other’ expenses, but the ATO’s systematic review of claims had found, and disallowed, some very unusual expenses.

The ATO is urging taxpayers who receive any foreign income from investments, family members or working overseas to make sure they report it this tax time. New international data sharing agreements allow the ATO to track money across borders and identify individuals not meeting their obligations.

The ATO will match the data provided by the State and Territory motor vehicle registering authorities against the ATO’s taxpayer records with the objective of identifying those who may not be meeting their registration, reporting, lodgment and payment obligations.