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ATO’s 100A tax time guide meets cautious welcome

Professional bodies and accounting firms cautiously welcomed the ATO’s tax time guidance on section 100A yesterday as “clearer and simpler” than the draft ruling released in February, and useful for trustees making end-of-year decisions.

ATO’s 100A tax time guide meets cautious welcome
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Additional examples of low and high-risk arrangements were among the positives, although many pointed to remaining “grey” areas and the continuing difficulty of defining “ordinary family and commercial dealings”.

Other issues centred on the ATO’s emphasis on record-keeping and the need for legal judgements to complete the picture.

Read more at Accountants Daily

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