Tax highlights09 July 2012 |
In this week's Tax highlights we feature:
- Cases: Judgements handed down include
- Deductions denied for restructure of golf resort: The Administrative Appeals Tribunal (AAT) has disallowed deductions amounting to approximately $18m for outgoings incurred in connection with the development of a golf course and resort style living complex
- Deductions denied for ‘research and development’ expenditure: The AAT has found that the taxpayer’s motor vehicle ‘crash testing’ procedures did not constitute eligible ‘research and development activities’
- Commissioner’s discretion to retain refunds: The ATO has provided clarification on this legislative discretion, and has released a practice statement providing guidance to tax officers on when it is reasonable to exercise this discretion.
Plus we provide our synopsis of the latest tax-related cases, legislative developments, announcements and ATO information and releases
Tax highlights
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