Transactions and taxes
Explanation of transactions and taxes that attract our attention.
We focus on the correct application of the rules where deductions are claimed for bad debts.
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.
Incorrectly claiming deductions will attract our attention.
We identify schemes to inflate or access loss carry back, temporary full expensing and backing business investment.
We focus on licence and permission obligations, record keeping and releasing goods without authority to deal.
Incorrect claims, poor governance, increases in or refund of credits through a concessional tax rate raises concerns.
Some FBT issues are around motor vehicles, employee contributions, entertainment and car parking valuation.
What to do if you use an asset purchased by a business for a mix of business and private purposes.
We focus on arrangements that extract wealth from private companies while avoiding the appropriate amount of tax.
Some revenue loss issues we look out for are how losses are incurred and used.
We focus on entities that are subject to TOFA to ensure that they apply the TOFA rules correctly.