Month: March 2017

Extended deadline for SMSFs

The ATO is targeting individuals (at, or approaching, retirement age) purporting to divert personal services income to a SMSF to minimise or avoid income tax obligations. A person earns personal services income (PSI) when 50 per cent of their income

ATO issues ruling on bad debts

The Australian Taxation Office (ATO) has issued a ruling that clarifies the circumstances in which a deduction for bad debts is allowable. Under section 63 of the Act, to obtain a bad debt deduction a debt must exist before