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Hot Issues
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ATO clears up FAQs about Single Touch Payroll
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GST reporting: common errors and how to correct them
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LRBAs, guarantees in need of review after property market falls
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Victorian Property Valuation Cycle
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Australia - toward EOFY 2019
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Australian Taxation Office (ATO) expects 200,000 to miss out on refunds by failing to lodge
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Biggest personal tax cuts in a decade a priority for Government
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Government rules out GST changes following ATO report
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ATO issues warning after ‘unprecedented’ spike in impersonation scams
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Crypto transactions in ATO sights with new data-matching program
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Government to establish $2 billion fund for small business lending
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Small business corporate tax rates Bill is now law
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ATO to double rental deduction audits to 4,500
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ATO set to issue excess super contribution determinations
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How's Australia going as we approach the election?
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Single Touch Payroll (STP) is compulsory for all small businesses.
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Federal Budget 2019 - Overview
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How the 2019 Federal Budget affects you
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FBT Reminder – Odometer Reading
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‘Big awareness push’ underway as STP deadline approaches
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GST collection on overseas goods at 300% of forecasts
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The problem with getting to 53 years of age.
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Lost Beneficiaries
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New quarterly STP reporting method for closely held payees revealed
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Some Australian figures to help on Budget night.
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Employers hit with rolling SG audits as ATO toughens stance
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Resources to help understand and implement Single Touch Payroll (STP)
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Big fines, prison on the cards as new SG penalties introduced
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Extra website resources and tools is one way we offer you and your family more.
Article archive
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Quarter 1 January - March 2019
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Quarter 4 October - December 2018
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Quarter 3 July - September 2018
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Quarter 2 April - June 2018
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Quarter 1 January - March 2018
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Quarter 4 October - December 2017
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Quarter 3 July - September 2017
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Quarter 2 April - June 2017
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Quarter 1 January - March 2017
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Quarter 4 October - December 2016
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Quarter 3 July - September 2016
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Quarter 2 April - June 2016
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Quarter 1 January - March 2016
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Quarter 4 October - December 2015
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Quarter 3 July - September 2015
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Quarter 2 April - June 2015
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Quarter 1 January - March 2015
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Quarter 4 October - December 2014
Quarter 1 of, 2019 archive
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Resources to help understand and implement Single Touch Payroll (STP)
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Big fines, prison on the cards as new SG penalties introduced
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Extra website resources and tools is one way we offer you and your family more.
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FBT Exemption for Various Work Vehicles
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Tax payable on expenditure recoupments
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ATO identifies SMSF contravention red flags
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Who wins dispute about taxable income?
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Australia - facts & figures March 2019
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Strategies to handle scam phone calls and problem e-mails.
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Instant asset write-off threshold upped to $25k
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Jail time for GST fraud
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Correcting GST Errors
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Fuel tax credit rates raised
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ATO set to contact clients for overdue TPAR
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Reminder on Victoria Property Duties
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How Australia is performing.
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Global outlook summary: Down but not out
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Bookkeepers remind on incoming TPRS obligations
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Golden Rules for Deductions
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How's Australia going - vital statistics?
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Tax, SMEs set to be ‘political football’ in 2019 as election nears
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Cap lifted on popular financing option for clients
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Expiry of 900,000 interest-only loans set for January
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Australian Taxation Office (ATO) Scam Alert: Fake Demands for Tax Payments
Tax payable on expenditure recoupments

A Full Federal Court decision has confirmed a mismatch between capital expenditure and government grants.

       

 

A windfarm operator incurred significant expenditure which was depreciated.

Upon proving the expenditure, it received a substantial government grant.

The court decided this was an assessable recoupment which mean that the grant was assessable income in full in the receipt year, whilst the expenditure remained depreciable.

It therefore had to pay income tax up front when it was already cash flow deficient.

This is not a new interpretation, but seems as a reminder to take nothing for granted when it comes to tax.

 

 

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