Overview of small business CGT concessions
Recently, the ATO has noticed that some larger and wealthier businesses have mistakenly claimed small business CGT concessions when they weren’t entitled. By incorrectly applying the concessions these businesses were able to either reduce or completely eliminate their capital gain. The ATO has urged all taxpayers that have applied the small business CGT concessions to …
Data-matching: Medicare Exemption Statement
ATO has announced the extension of its Medicare exemption statement data-matching program. This program has been conducted for the last 12 years and has been extended to collect data for the 2021 through to 2023 financial years. It is estimated that information relating to approximately 100,000 individuals will be obtained each financial year. The information …
ATO concerns on luxury car tax
The ATO has issued an alert warning taxpayers that it is investigating certain arrangements where entities on-sell luxury cars without remitting the requisite luxury car tax amount. This applies to those selling luxury cars in the ordinary course of business in any structure (ie company or sole trader), as well as those that sell a …