A business facing the prospect of effectively dealing with losses could find their task a little easier with a more relaxed version of the “same business” test put in place by the ATO. We also warn about the new rules that can deny a deduction for some business payments if certain reporting obligations are unmet.
Also dusted off is the (now restricted) place for claims of travel expenses in relation to rental properties, and a reminder of the at-times forgotten role that valuations can play with regard to tax and property.
Please contact MBS for clarification, or further advice, regarding any of the topics covered in this newsletter.
Disclaimer & Copyright: All information provided in this newsletter is of a general nature only and is not personal financial or investment advice. Also, changes in legislation may occur frequently. We recommend that our formal advice be obtained before acting on the basis of this information. The Copyright is owned exclusively by Taxpayers Australia Inc (ABN 96 075 950 284)