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24
May
  • Posted By : Administrative
  • Category: General Tax Topic
  • Comments: 0

WHAT ARE THE REASONS DUE TO WHICH REJECTION OF INDEMNITY MAY OCCUR?

When an indemnity request fails to meet the minimum standards then the Deputy Commissioner of Taxation (DCT) will notify to the insolvency practitioner stating that the indemnity has been rejected. ...

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24
May
  • Posted By : Administrative
  • Category: General Tax Topic
  • Comments: 0

WHAT ARE THE FOUR TESTS TO CLAIM NON-COMMERCIAL LOSSES

If you are in a sole trader or partnership business, the risk is too high as this business has unlimited liabilities. Thus, ATO recognises this and passed a rule where if your business makes any loss ...

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24
May
  • Posted By : Administrative
  • Category: General Tax Topic
  • Comments: 0

WHAT ARE THE REQUIREMENTS FOR INDEMNITY REQUESTS?

In relation to the expenditure of public money, there are some strict legal and policy obligations imposed on government agencies. Therefore, all indemnity requests from insolvency practitioners must ...

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24
May
  • Posted By : Administrative
  • Category: General Tax Topic
  • Comments: 0

WHICH IS BETTER BETWEEN ACCOUNTING FOR GST ON A CASH BASIS AND ACCOUNTING FOR GST ON A NON-CASH/ACCRUAL BASIS

The two methods of accounting for GST are cash-basis and accrual basis. The method you use will affect when you must report GST. The primary difference between cash and accrual basis of accounting is ...

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24
May
  • Posted By : Administrative
  • Category: Deductions
  • Comments: 0

HOW WILL A TAXPAYER DEAL WITH DAMAGED OR DESTROYED PROPERTY DUE TO DISASTERS?

If a taxpayer is affected by a disaster, for example, a flood, bushfire or storm, then the taxpayer can claim their loss of damaged or destroyed property. If a taxpayer's personal assets such as h...

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