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These notes are intended to be a guide only. None of the comments contained in these seminar notes are intended to be advice, whether legal, financial or professional. You should not act solely on the basis of the information contained in these notes because many aspects of the material have been generalised and the tax laws apply differently to different people in different circumstances. Further, as tax and related laws change frequently, there may have been changes to the law since the notes were written. Specific advice should always be obtained from a tax professional.

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Notes Online Home 2023 Tax Schools Day 2 Who's in the ATO's audit firing line in 2023
What are the danger labels on business tax returns for the 2023 income year?

This section of the notes looks at the danger labels on business tax returns for the 2023 income year, more specifically:

  • What industries are being targeted by the ATO in the 2023 income tax year
  • What should tax practitioners do if the ATO issues a default assessment
  • Trust distributions for 2023 under the S.100A spotlight
  • ATO set to review Temporary Full Expensing and Loss Carry Back Tax Offset claims for 2023
  • What’s on the ATO radar for SMSFs in 2023?

Chapters and Articles in 2023 Tax Schools Day 2

ATO releases final guidance attacking family trust distributions

Background to applying S.100A

ATO releases its finalised S.100A compliance guidelines in PCG 2022/2

Trust distributions to the ‘controllers’ of a discretionary trust (e.g., ‘Mum and Dad’)

Trust distributions to adult children and grandparents

Issues with gifts, education costs and board

Which bucket company distributions are now in danger?

LATEST guidelines for identifying ‘high risk’ family trusts

NTAA ‘game plan’ to navigate your clients through the S.100A compliance guidelines

Taxation of professional clients

Correctly classifying professional services income for tax purposes

Traps and tips associated with professionals who are subject to the PSI rules

Dangers and opportunities where professional clients carry on a personal services business

NEW ATO guidelines on professional services income derived from a ‘business structure’

Common questions and answers associated with professional clients

What's new for business in the 2023 income year

Government introduces NEW 20% training and technology boosts

Decision confirms GST traps for taxpayers selling subdivided land held for long periods

Government proposal gives relief for some accountants running their own SMSF

NEW ATO Ruling confirms tax issues with distributions of capital gains to non-residents

New Ruling creates uncertainty for clients engaging contractors/consultants

Court highlights CGT traps associated with partners leaving professional firms

Who's in the ATO's audit firing line in 2023

What are the danger labels on business tax returns for the 2023 income year?

Recent audit developments with respect to GST and the margin scheme

Recent amendments extend the ATO’s power when auditing business clients

Year-end planning for business clients in 2023

Determining whether a business is eligible for the SBE concessions

Advanced tax planning with depreciation claims for SBE taxpayers

Last chance for companies to carry back losses and claim refundable tax offset in 2023

Checklist of the key year-end tax planning strategies for SBE clients for the 2023 year

Case study highlights massive tax savings for an SBE taxpayer in the 2023 income year