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4 Dec 2019

Along with a more automated exchange and processing of invoices, e-invoicing also promises reduced payment times and better cash flow.

The headline above may give the impression that electronic invoices are a futuristic concept, but of course even today there is a version of e-invoices - think PDFs and other electronic documents with the information that a standard tax invoice is required to display.

But what the ATO is working towards, and what it means by electronic invoicing (or e-invoicing) is more than a mere...

8 Nov 2019

Now and then, taxpayers may find themselves in a situation where they simply have no records to back up a tax claim. There can be many reasons for this, such as losing documents (either paper or electronic) when moving home, or technology failures that end up with the same result (or at worst even destroy records).

And with a hot summer predicted, let's not forget the very real danger of natural disasters and the devastation these can have on people's lives, not just their financial concerns.

It's try that in these...

2 Sep 2019

The ATO seems to be always looking over the shoulder of property developers to make sure they are complying with their tax obligations.

The considerations facing the ATO can include whether an agreement to develop and sell land is a "mere realisation" or a disposal either in the course of a business or as part of a profit making undertaking or plan.

A "mere realisation" is a sale on capital account to which the capital gains tax (CGT) rules will generally apply. Landholders will usually seek this treatment if they...

1 Aug 2019

Most people's "to-do" list when they are planning a trip overseas will likely include items such as travel insurance, phone chargers or taking photos of their passport - but probably the last thing on anyone's minds will be their likely tax situation before, during or after that trip-of-a-lifetime.

There are a few simple considerations, taken in the context of your personal circumstances, that may end up making quite a difference to your final fiscal outcome.

Generally you will remain an Australian resident for tax...

8 Jul 2019

A new ruling has been released by the ATO on the deductibility or otherwise of "penalty interest". The term penalty interest refers to an amount payable by a borrower under a loan agreement when the lender agrees to an early repayment of a loan.  The amount payable is commonly calculated by reference to the number of months of interest payments that would have been received but for the early payment.

The ATO ruling stresses that the deductibility or otherwise of penalty interest needs to the determined based on ca...

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