Private Ruling A private ruling is written advice from the Australian Taxation Office (ATO) about the way taxation law may apply to a particular taxpayer arrangement (a scheme), including a...
Private Ruling
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Tax Articles
Part IVA
Part IVA What is Part IVA? Part IVA of the Income Tax Assessment Act of 1936 contains the income tax general anti-avoidance rule (GAAR). The GAAR operates alongside a number of other specific...
Debt and Equity Rules
Debt and Equity Rules There are broadly two major categories of funding available to a business: debt funding and equity funding. From a basic legal point of view and in the context of...
Everett Assignment
Everett Assignment What is an assignment? An assignment involves an entity or individual (the assignor) transferring contractual rights and benefits to another entity or individual (the...
Business Commencement & Closure Deductions
Business Commencement & Closure Deductions The most common way a taxpayer will be eligible for a deduction on business related expenditure is by satisfying the criteria of section 8-1 of...
Taxable Australian Property
Taxable Australian Property A foreign resident of Australia for tax purposes is generally only subject to Australian tax on Australian sourced income. However, when it comes to capital gains...
TOFA
TOFA TOFA (Taxation of Financial Arrangements) is a tax framework that focuses on taxing the gains and losses from financial transactions based on their actual economic impact, rather than just...
NANE Income
NANE Income Non assessable non exempt income (NANE) refers to specific types of income that are defined by tax laws or other Commonwealth legislation in Australia as being neither subject to...
Exempt Income
Exempt Income What is exempt income? Exempt income means any amount of ordinary income or statutory income that is not subject to taxation due to specific provisions in the Income Tax Assessment...
