by Anton Joseph | Dec 1, 2012 | Features
All legislative references are to the Income Tax Assessment Act 1936 (ITAA 1936) unless specified otherwise. For the purpose of this question, it is assumed that there is a payment to the shareholders from the asset revaluation reserve, as opposed to a loan by the...
by Anton Joseph | Oct 1, 2012 | Features
All legislative references are to the Income Tax Assessment Act 1997 (ITAA 1997) unless specified otherwise. The new rule, which applies from 1 July 2012, allows an immediate write-off for an asset costing less than $6,500 where the entity is a small business entity...
by Anton Joseph | Aug 1, 2012 | Features
All legislative references are to the Income Tax Assessment Act 1997 (ITAA 1997) unless specified otherwise. A taxpayer will be entitled to a deduction for interest incurred on a borrowing where it satisfies the requirements of s 8-1. In order for the interest expense...
by Anton Joseph | Jun 1, 2012 | Features
All legislative references are to the Income Tax Assessment Act 1997 (ITAA 1997) and the Income Tax Assessment Act 1936 (ITAA 1936) unless specified otherwise. This response does not deal with law relating to corporations and the relevant accounting standards as they...
by Anton Joseph | Apr 1, 2012 | Features
The general principle is that foreign currency gains and losses have a revenue character, subject to limited exceptions (s 775-15 & 775-30). Forex realisation gain or loss will depend on whether the amount that the taxpayer receives in respect of the withdrawal...
