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  • Transactions and taxes

    Certain types of transactions and taxes attract our attention.

    In this section

    Bad debts
    We focus on the correct application of the rules where deductions are claimed for bad debts

    Capital gains tax
    Certain capital losses, disposals and small business CGT concession claims attract our attention

    Commercial debt forgiveness
    Situations where an entity has had a debt forgiven (whether formally or informally) may attract our attention

    Incorrectly claiming of deductions will attract our attention

    Economic stimulus measures
    We identify schemes to inflate or enable access to loss carry back, temporary full expensing and backing business investment – accelerated depreciation

    Excise and excise equivalent goods
    We have an ongoing focus on licence and permission obligations, record keeping and releasing goods without the proper authority to deal

    Franking credits
    Concerns include incorrect claims, poor governance, a substantial increase in or refund of credits and accessing credits through an entity with a concessional tax rate

    Fringe benefits tax
    Some fringe benefits tax (FBT) issues we look out for are around motor vehicles, employee contributions, entertainment and car parking valuation

    Private use of assets or private pursuits in business
    If you use an asset purchased by a business for a mix of business and private purposes, only claim a deduction for the portion of the business-related expenses

    Private company benefits
    We focus on arrangements that enable the extraction of wealth from private companies while avoiding the appropriate amount of tax

    Revenue losses
    Some revenue loss issues we look out for are its incurrence and utilisation

    Taxation of financial arrangements
    We focus on entities that are subject to TOFA, to ensure that they apply the TOFA rules correctly

    Last modified: 09 May 2022QC 58474