Taxpayer Alerts

ATO examining takeover arrangements

Tax Commissioner Michael D’Ascenzo today warned the ATO will take a close look at uncommercial arrangements designed to claim unintended GST benefits for a company’s float, merger or acquisition. Under these arrangements, a company involved in a takeover uses a related associate to procure all the services required for that ...

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Media release 2009/67 The Tax Office today issued a taxpayer alert warning people about sham arrangements promoted as ‘mortgage management plans’ which promise to help home owners repay their home loan sooner and claim tax deductions to which they are not entitled. Tax Commissioner Michael D’Ascenzo said while these arrangements ...

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Tax Office warns about R&D schemes

Media release 2009/68 The Tax Office this week released a taxpayer alert warning people to be cautious of investment schemes that abuse the research and development (R&D) tax offset. These arrangements involve a company structuring contracts with a registered research agency to provide R&D services in order to access the ...

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Media release 2009/62 The Tax Office today issued a taxpayer alert warning taxpayers to be cautious about investing in life insurance policies issued from insurance companies based in tax havens, such as Vanuatu. Tax Commissioner Michael D’Ascenzo said he is concerned these arrangements may attempt to exploit the lack of ...

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SMSF Related Party Transactions Under Review

Tax Commissioner Michael D’Ascenzo today warned trustees of self-managed super funds (SMSFs) about people offering to set up agreements between funds and related parties to purchase assets, particularly properties. “We’re concerned about arrangements being offered to trustees that breach the in-house asset rules,” Mr D’Ascenzo said. “These arrangements use a ...

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Tax Office focusing on uncommercial insurance arrangements

The Tax Office yesterday issued a taxpayer alert warning businesses to be wary of arrangements that attempt to claim inflated deductions for uncommercial insurance expenses. Tax Commissioner Michael D’Ascenzo said the Tax Office has doubts about the legitimacy of these arrangements as they aim to inappropriately reduce taxable income by ...

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Tax Commissioner Michael D’Ascenzo today released three taxpayer alerts warning people the Tax Office is closely reviewing three arrangements that attempt to falsely generate claims for inappropriate tax losses. Mr D’Ascenzo said he has doubts about the legitimacy of these arrangements. ”In the current economic environment we’re expecting to see ...

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The Tax Office today issued a taxpayer alert designed to help shareholders make informed decisions whether to take up entitlements to a share offer based on the tax treatment of retail premium payments. Tax Commissioner Michael D’Ascenzo said he is concerned some companies issuing share entitlements may be providing incorrect ...

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Media release 2009/33 The Tax Office today issued a taxpayer alert warning trustees of self-managed super funds (SMSF) to be cautious of arrangements involving the non-commercial use of negotiable instruments, such as promissory notes, in an attempt to gain income tax and super benefits. The arrangements involve a trustee or ...

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Tax Commissioner Michael D’Ascenzo today issued two taxpayer alerts warning the community that the Tax Office is closely examining uncommercial property arrangements that try to obtain unintended GST benefits. The alerts cover arrangements where a land owner and its associate delay invoicing and payment for construction services in an attempt ...

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Tax Commissioner Michael D’Ascenzo today issued two taxpayer alerts warning foreign residents selling indirect holdings in Australian real property about arrangements that attempt to avoid Australian capital gains tax. The alerts cover arrangements that attempt to circumvent indirect holding rules through staggered sell down arrangements and manipulation of the value ...

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