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The Tax Hub

Daily Tax Newsletter

Australia

30 July 2021

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ATO Updates Guidance on Taxes and Transactions that Attract Their Attention

The Australian Taxation Office (ATO) published updated guidance on 27 July 2021 concerning Transactions and taxes that attract their attention. This includes guidance in relation to:

  • Bad debts
  • Capital gains tax
  • Commercial debt forgiveness
  • Deductions
  • Excise and excise equivalent goods
  • Franking credits
  • Fringe benefits tax
  • Private assets or private pursuits in business
  • Private company benefits
  • Revenue losses
  • Taxation of financial arrangements

The guidance generally applies in relation to privately owned and wealthy groups, which are viewed as:

  • companies and their associated subsidiaries (often referred to as economic groups) with an annual turnover greater than AUD 10 million, that are not public groups or foreign owned; and
  • resident individuals who, together with their business associates, control net wealth over AUD 5 million.

Further guidance is also provided for other areas that attract the ATO's attention, including Non-lodgment, Business structure, Tax crime.

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