Transactions and taxes

What to do if you use an asset purchased by a business for a mix of business and private purposes.

Certain capital losses, disposals and small business CGT concession claims attract our attention.

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

Incorrect claims, poor governance, increases in or refund of credits through a concessional tax rate raises concerns.

We focus on entities that are subject to TOFA to ensure that they apply the TOFA rules correctly.

Some revenue loss issues we look out for are how losses are incurred and used.

Some FBT issues are around motor vehicles, employee contributions, entertainment and car parking valuation.

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

Incorrectly claiming deductions will attract our attention.

We focus on licence and permission obligations, record keeping and releasing goods without authority to deal.