A Bill has been introduced to amend the A New Tax System, requiring purchasers of new residential premises and new subdivisions of potential residential land to remit the GST on the purchase price directly to the ATO as part of the settlement process.
The black economy includes people who don’t correctly report and meet their tax obligations, and people who operate entirely outside the tax and regulatory system.
Treasury has released draft legislation aimed at ensuring that taxpayers will only be able to access the small business capital gains tax concessions for assets that are used (or held ready for use) in the course of a small business or are an interest in a small business.
The Administrative Appeals Tribunal (AAT) has affirmed the ATO’s decision that income a taxpayer earned working for the United States Army in Afghanistan is not exempt from Australian income tax under s 23AF of the Income Tax Assessment Act 1936 (ITAA 1936).
The Administrative Appeals Tribunal (AAT) has confirmed that a mechanical engineer with a PhD qualification was not entitled to deductions for various work-related expenses of approximately $60,000 that he claimed in the 2014 tax year.