Tax

Without proper planning, construction businesses can find themselves frustrated by cash flow issues when tax time comes around, RSM said.

Poorly executed communications by the ATO in recent months has confused taxpayers and created extra work for tax practitioners, the professional body has said.

The Greens have called for the negative gearing and the 50 per cent CGT discount to be limited to one investment property only.

The ATO is reminding businesses to keep detailed records of any R&D activities and expenditures they plan to claim.

The ATO has welcomed the Taxation Ombudsman’s review of financial abuse within the tax system, and agreed with recommendations put forward in the report.

The Tax Office has warned that from July it will begin reviewing NFPs that have failed to lodge their self-review return.

Property taxation is the greatest factor hampering housing supply in regional Victoria, according to the Real Estate Institute of Victoria.

The Federal Court has ruled in favour of a taxpayer in a case examining deductions for inter-entity service fees.

Legislation preventing taxpayers from claiming deductions for the general interest will see many businesses “calling in the receivers”, accountants and professionals have cautioned.

The Tax Office has said it will not revise its current views on car parking fringe benefits until the appeals process with the Toowoomba Regional Council case is finalised.