Tax

Seventy per cent of people are not maximising the tax depreciation opportunities on their investment properties, a depreciation expert has said.

The Federal Court has ruled in favour of the Commissioner in a decision concerning an investment in a forestry management scheme.

The Coalition has said it would scrap the popular FBT exemption for electric vehicles in its efforts to slash government spending.

The Tax Office has ruled out granting a blanket extension of time for lodgments by companies affected by the recent Bendel decision.

The ATO has made sweeping changes to short form local file (SFLF) reporting obligations, effective for income years starting on or after 1 January 2024.

The party has released further details on its plans for small and family businesses, including a tapered tax offset for new businesses and a $2,000 tax deduction for technology upgrades.

The Commissioner of Taxation has filed a notice of appeal in the Federal Court against a decision concerning deductions for meal expenses.

BDO has called on the government to streamline and expand the R&D tax incentive in response to a federal examination of Australia’s lagging R&D ecosystem.

The Court has ruled that the proceeds of a block of land were not assessable income in a recent decision involving a multi-million-dollar development.

Labor and the Coalition have announced competing measures to provide tax deductions for cost-of-living relief and first home buyers.