Henri Sheridan

Henri Sheridan

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AAT denies deductions for work-related expenses

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AAT denies deductions for work-related expenses

AAT denies deductions for work-related expenses: Lambourne v Commissioner of Taxation [2020] AATA 4562

The Administrative Appeals Tribunal (AAT) recently agreed with the Commissioner in disallowing certain deductions for work-related expenses.

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Sladen Snippet - ATO Reminds Crypto Holders of CGT Liabilities

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Sladen Snippet - ATO Reminds Crypto Holders of CGT Liabilities

In advancing their continued attention toward the taxation of cryptocurrencies, the Australian Taxation Office (ATO) has published a reminder for taxpayers to ensure they are working out capital gains and losses correctly;

Sladen Snippet - Chadbourne – Administrative Appeals Tribunal disallows tax deductions for interest on loans

Sladen Snippet - Chadbourne – Administrative Appeals Tribunal disallows tax deductions for interest on loans

In Chadbourne v FC of T [2020] AATA 2441 (Chadbourne) the Administrative Appeals Tribunal (AAT) held that a beneficiary (Taxpayer) of a discretionary trust (Trust) was unable to deduct interest on borrowed funds where the funds borrowed in the Taxpayer’s name were used by the Trust to buy real property and shares.

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Sladen Snippet - ATO withdraws practical compliance guideline on payments for use and exploitation of a professional sportsperson’s “public fame” or “image”

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Sladen Snippet - ATO withdraws practical compliance guideline on payments for use and exploitation of a professional sportsperson’s “public fame” or “image”

In 2017, the Australian Taxation Office (ATO) released Draft Practical Compliance Guideline PCG 2017/D11 (the PCG) to provide safe harbour measures for professional sportsperson’s who receive lump sum payments in exchange for their professional services and the use and exploitation of their “public fame” or “image”.

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COVID-19: JobKeeper – further details on Alternative Decline in turnover test

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COVID-19: JobKeeper – further details on Alternative Decline in turnover test

As part of the continued economic response to COVID-19, the Deputy Commissioner of the Australian Taxation Office (ATO) has recently made a determination pursuant to subsection 20(4) of the Coronavirus Economic Response Package (Payments and Benefits) Act 2020, outlining further tests under which an entity may satisfy the decline in turnover required in order to receive JobKeeper payments. This article discusses the various new “alternative” tests that an entity may utilise under the determination.