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October 10, 2016

Deductibility for gifts to clients and airport lounge membership fees

The ATO has recently issued the following two Taxation Determinations. They apply for income years commencing both before and after their date of issue. Deductibility of gifts to clients Taxation Determination TD 2016/14 states that a taxpayer that carries on a business is entitled to a deduction under s 8-1 of ITAA 1997 for an…

September 12, 2016

Property developer entitled to capital gain tax concession

A taxpayer has been successful before the AAT in arguing that a commercial property it acquired and developed and later sold for a profit of some $40 million had been acquired as a capital asset to generate rental income, and not for the purpose of resale at a profit – despite the fact that the AAT…

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