March 2016 Tax Talk – Business Accountants Cairns

By 10 March, 2016News

Read The Full March 2016 Tax Talk Here

In this issue of Tax Talk, we cover:

ATO continues to social welfare cheats by matching up reported taxable income with payments made by various Government agencies for Family Tax Benefits, Paid Parental Leave, Carer’s allowances and Medicare entitlements.   If you are not eligible, do not claim as they will find out!

Taxpayer thought they were a share trader able to claim large loss against other income due to high volume of trades, but ATO rejects claim due to various issues such as lack of sophistication in trading and knowledge of shares.

ATO has begun cancelling the ABNs of approximately 220,000 trusts, where the trust has not lodged BASs and/or trust income tax returns for the last two years and therefore is not really carrying on an enterprise.