Amended assessments increasing taxpayer’s income by $10 million not excessive

The Full Federal Court has upheld amended assessments increasing a taxpayer’s income by almost $10 million because the taxpayer could not prove that the assessments were excessive. In so doing, it dismissed the taxpayer’s appeal against the primary judge’s decision reported at Bosanac v FC of T [2018] FCA 946. Facts [...]

By |2019-07-28T13:19:01+10:00July 28th, 2019|Individuals, News, Taxation|0 Comments

Unsophisticated share trading activities not a “business”

Unsophisticated share trading activities not a “business” The AAT has held that a taxpayer’s share trading activities were not a “business” because they were unsophisticated and not carried out in a business-like manner. Consequently, the taxpayer was not entitled to claim or carry forward existing losses in the relevant income [...]

By |2019-07-21T10:31:57+10:00July 21st, 2019|Individuals, News, Taxation|0 Comments

Uber – Taxi or not? The ATO has their say

Is Uber (and other ride sharing services) considered to be a taxi according to the Tax Office?..... The answer may surprise you. In a recent announcement, the ATO has confirmed the the Fringe Benefits Tax exemption for taxi travel does not include ride-sourcing vehicles such as Uber or Lyft. Taxi [...]

By |2019-07-14T13:46:30+10:00July 14th, 2019|Business, News, Taxation|0 Comments