Central Coast Accountants

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Mistaken Belief Does Not Revoke Excess Super Tax Bill

Published on March 6, 2013 at 12:00 AM

A taxpayer has been unsuccessful before the AAT in arguing that her “mistaken belief” as to the timing of a superannuation contribution was a “special circumstance” that warranted reallocating excess superannuation contributions…

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Foreign income assessable

Published on March 5, 2013 at 12:00 AM

The AAT has found that a taxpayer was a resident of Australia and therefore affirmed the Tax Commissioner’s decision to assess the taxpayer’s foreign income earned for the 2006 to 2008 income years…

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Deductions for Rental Properties Allowed

Published on March 4, 2013 at 12:00 AM

In a recent decision, the Administrative Appeals Tribunal (AAT) allowed a taxpayer’s claim for rental deductions in respect of two properties for the 2008 income year. The taxpayer owned the properties with her two sons…

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Special Circumstances Found To Set Aside Excess Contributions Tax

Published on December 20, 2012 at 12:00 AM

A taxpayer has successfully argued before the AAT that there were special circumstances in his situation to allow for the exercise of the Commissioner’s discretion under the law to reallocate superannuation contributions. Accordingly, monies paid…

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Depreciation deduction allowed for certain equipment

Published on December 19, 2012 at 12:00 AM

A recent case before the AAT has highlighted the need for businesses to maintain appropriate records of plant and equipment used in business. The taxpayer, who was a partner of a box manufacturing business…

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Honest mistake in not documenting private company loans

Published on December 18, 2012 at 12:00 AM

A taxpayer has been, in most part, successful before the Administrative Appeals Tribunal (AAT) in relation to a matter concerning loans from a private company. These loans were made to him, over various years, as a shareholder and director…

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