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Residency and Australians working overseas: can be an expensive lesson in tax law
Residence is important in determining the Australian income tax liability for individuals that are residents (all income sources) and foreign residents (Australian income sources) of ordinary and statutory income.1 In ...
Allowable deductions, cost base of CGT assets and the GAAR: a minefield for taxpayers and their advisers
Taxpayers and their advisers have, for decades, struggled to reconcile outgoings that can be considered as allowable deductions under s 8-1 of the Income Tax Assessment Act 1997 (Cth) (ITAA 97), with those outgoings which ...
Are changes to negative gearing in Australia imminent?
Negative gearing on levered investments is one of Australia’s most prevalent tax shelters and has been the focal point of an ongoing and heated debate.1 While negative gearing is most commonly used in property,2 there is ...
Reducing the company tax rate and abolishing the MRRT: a step forward or back?
The Australia’s Future Tax System Review,1 commonly referred to as the Henry Tax Review (the Review) has been “one of the most comprehensive reviews of the tax and transfer system” ever undertaken in Australia.2 The overall ...