Client Tax Newsletter-March-2019

In this month’s edition:

Claiming losses when a company changes: A business could find their task a little easier with a more relaxed version of the “same business” test put in place by the ATO.

No more deductions for payments with no tax withholding: We also warn about the new rules that can deny a deduction for some business payments if certain reporting obligations are unmet.

GST and the digital market place: Australian GST-registered businesses need to advise their non-resident suppliers of status.

Reminder: travel expenses and rental properties: It’s been more that a year since claims of travel expenses in relation to rental properties have been denied. We revisit the exceptions.

When is a property valuation required? We also remind of the at-times forgotten role that valuations can play with regard to tax and property.

Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.

For more on “similar business test”, see Law Practice Ruling LCR 2017/D6. For the voluntary disclosure forms mentioned in the article on non-compliant payments, see here. And for more on GST on imported services and digital products, see this ATO webpage.