Advertisements

Tax assessment disputes require ‘satisfactory evidence’: AAT

Taxpayers disputing excessive tax assessments will need to do more than assert that it is wrong, says the Administrative Appeals Tribunal in a recent hearing.

by | 23 Jun, 2021

Unregistered tax agent inflates tax deductions

Appearing before the tribunal last week, property developer Jason Behrndt objected to the ATO’s assessment of $470,000 in tax owed for the 2009, 2011, 2012 and 2013 financial years, arguing against the inclusion of deposits into his bank accounts as assessable income.

Read more at the Accountants Daily. 

Budget highlights at a glance

Major Spending Initiatives
  • $36 billion in new spending 
  • $17 billion in personal tax cuts 
  • $8.5 billion in universal Medicare spending 
  • $5 billion for childcare 
  • 20% of student debt wiped for 3 million students 
  • $150 off power bills for all households and small businesses 
  • Prescription costs capped at $25 each 
              Economic Forecasts
              • Growth: 1.5% in 2024-25, rising to 2.25% in 2025-26 
              • Inflation: Expected to return to 2-3% band by June 2025 
              • Wage growth: Outpacing cost of living rises by 0.5% this year
                  Business Measures
                  • Non-compete clauses removed for workers earning under $175,000 
                  • $20 million “Buy Australian” advertising campaign 
                  • Incentives for construction and building worker apprentices doubled from $5,000 to $10,000 
                  • Uncertainty around the instant asset write-off scheme 
                  • Foreign investors restricted from buying new homes 
                          Budget Position
                          • Deficit: $27.6 billion in 2024-25, rising to $42.1 billion in 2025-26 
                          • Government spending as a percentage of GDP rising to 27% 
                            Advertisements
                            Advertisements

                            More from Public Accountant

                            The gap between the haves and have-nots in Australia is at a 20-year high

                            The gap between the haves and have-nots in Australia is at a 20-year high

                            How to avoid bankrupting your hope budget

                            How to avoid bankrupting your hope budget

                            Official interest rates have been cut, but not everyone is a winner

                            Official interest rates have been cut, but not everyone is a winner

                            Taxing foreigners in the land of the ‘fair go’

                            Taxing foreigners in the land of the ‘fair go’

                            Trust in our leaders: A universal currency

                            Trust in our leaders: A universal currency

                            As AI gets smarter, are we getting dumber?

                            As AI gets smarter, are we getting dumber?

                            Share This