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  • 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.

    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.

    Last modified: 24 Aug 2022QC 58474