Transactions and taxes

Explanation of transactions and taxes that attract our attention.

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.

Deductions

Incorrectly claiming deductions will attract our attention.

Economic stimulus measures

We identify schemes to inflate or access loss carry back, temporary full expensing and backing business investment.

Excise and excise equivalent goods

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

Franking credits

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

Fringe benefits tax

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

Private use of assets or private pursuits in business

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

Private company benefits

We focus on arrangements that extract wealth from private companies while avoiding the appropriate amount of tax.

Revenue losses

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

Taxation of financial arrangements

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