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

Deductions
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