Thursday 2 Jul 2020
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Latest Accounting News
Hot Issues
COVID-19 resources -Update July 2020
Work Related expenses – 2020
‘Everyone is now on notice’: ATO acquires COVID-19 data on 3m Aussies
Extra Tools & Resources for our clients.
Year End Tax Deductions – “equipment”
Home Office Claims 2020
Early release of super sees ‘high take-up’
Tax time 2020: ATO homes in on rental deduction claims
ATO announces Div 7A COVID-19 assistance
‘HomeBuilder’ grants now available.
$150k instant asset write-off extended for 6 months
JobKeeper documentation ‘absolutely critical’ in ATO audit
Tax Time Checklists - Individuals; Company; Trust; Partnership; and Super Funds
ATO updates JobKeeper compliance approach
COVID-19 hotspots - tax time 2020
Tax reform to feature heavily in PM’s JobMaker plan
Jobkeeper Fraud warning
ATO extends initial JobKeeper payment deadline
Boosting cash flow - ATO
Our website, your resources
ATO releases JobKeeper alternative test
Temporary Working from Home Expenses Rule
Minimum Pensions Halved – 2020 & 2021
More coronavirus support for landlords, commercial tenants
COVID-19: Early Childhood Education and Care Relief Package
What Covid-19 relief packages mean to you.
Now I’m working from home, what can I claim?
Global statistics plus Covid-19 updates
ATO clarifies COVID-19 rent relief concerns
Banks to defer small-business loan repayments for 6 months
Historic $130bn wage subsidy to cover 6 million workers
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Articles
Player Management Fee Deductions
Can a Charity Operate a Commercial Activity?
Australian Citizenship Test
Tax Exemption for Terminal Illness
Payroll Tax Reminder
Anti-Money Laundering Update
Donations to Political Parties - No More
Budget 2008 - 2009
Lump Sum Payment Assessable as Income
Penalties for Recklessness in Preparing Business Activity Statements (BAS)
Superannuation Contributions on a payment in lieu of notice
New Home Savings Funds
Pensions & Share Market
Poison Pen - Expensive
Player Management Fee Deductions

In two test cases the Federal Court was asked whether player management fees were deductions.


The test cases were Riddell (a NRL player) and Spriggs (an AFL player) v FCT.

The decision by single judge is contrary to Australian Taxation Office opinion contained in Taxation Ruling TR2000/5.

The player management fees were for negotiation of a contract of employment, was not incurred too soon because the liability to pay only arose after the players received payments under their employment contracts, and were for advising and representing the player in matters concerning the players sporting talent and therefore not capital, and the players had a viable business framework.

First quarter to the taxpayer.  Unfortunately, the ATO will not change its application of the law until the final siren sounds.

 



26th-June-2008
        
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