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Taken Goods For Private Use? Here’s The Latest Values
The ATO knows that many business owners naturally help themselves to their trading stock and use it for their own purposes. This common practice can occur in businesses such as butchers, bakers, corner stores, cafes and more. The ATO regularly issues guidance for...
Two “Main Residences” Is Possible
The CGT exemption for a person’s home is only available in respect of one home owned at any given time. In other words, you can’t get two main residence exemptions applying to two different homes at the same time. However, there is one exception to this rule – and...
Don’t Ignore Those Tax Debts: The ATO Won’t!
Whilst the ATO went out of its way to assist businesses doing it tough during the COVID lockdowns, a more robust approach to collecting outstanding tax debts now seems to be the order of the day. Other people’s money A major part of the tax debts of many businesses...
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