ATO shows no mercy

Article Abstract:

A draft tax ruling (TR2002/D13) released by the Australian Taxation Office (ATO) states that a non-exempt payment received under a statutory personal injury compensation scheme will be assessable when paid as compensation for loss of income, regardless of how the payment is made. Workers might show reluctance in accepting lump sum settlements in compensation claims as these may be assessed as income.

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Going public on GST

Article Abstract:

The major part of changes in the tax laws is the inclusion of the public sector within Australia's GST system. Therefore, it is suggested that the public sector bodies should make sure that they have in place strategies seeking to deal with taxation risk in an effective and efficient manner.

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Playing fair on tax

Article Abstract:

The tax payable by large business is more than the total income, profits, total expenses and total assets paid by corporate sector. The factors taken into account by the ATO to identify the cases of large corporate for possible audits are discussed.

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