The new rules apply to a sole trader or an individual in a partnership who claim a deduction for business-related car expenses in their income tax return. There have been changes to how you calculate your deduction.
The ATO are targeting the following industries, bakery, supermarket, car retailing, and computer system design in relation to their tax and super obligations.
ATO REVIEWING TRUST DISTRIBUTIONS TO SMSFs
The ATO are reviewing self-managed super funds (SMSFs) that have received trust distributions. The income diverted into these SMSFs appears to be non-arm’s length and utilise tax concessions.
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