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Hot Issues
$20m boost for SME clients looking to exporting
Work-Related Expenses
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What is Bankruptcy?
Update of Australia's vital statistics
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Tools for budgeting, cash flow, Super and more ….
Guidance for SMSFs on transfer balance reporting
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Salary sacrifice integrity
Understanding the evolution of blockchain and cryptocurrencies
Update to Australia's vital statistics
Tax Time Checklists- Individual, Company, Trust, Partnership and Super Funds
SMSFs - Our 'hardest' jobs
Tax Office reveals adventurous, dubious claims ahead of tax time
ATO reveals top tax time mistakes, set to contact 1 million taxpayers
Watch out for charges with incoming GST laws.
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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
2007 Tax return Checklist - Companies, Partnerships, Trusts and Other Businesses
2007 Tax Return Checklist - Individuals
New Home Savings Funds
Pensions & Share Market
Poison Pen - Expensive
Penalties for Recklessness in Preparing Business Activity Statements (BAS)

 

In a recent decision, the Administrative Appeals Tribunal (AAT) has set aside a decision regarding shortfall penalties of approximately $134,000 imposed on the taxpayer for recklessness in preparing two business activity statements (BASs).


The taxpayer claimed to misunderstand the advice given to them by the Tax Office and indicated that he did not have an intention to mislead or avoid any payment of GST.

As the relevant law and the calculation of the liability was complex, the AAT held that, under the circumstances, reasonable care was taken by the taxpayer in relation to the BASs.

Credibility of the taxpayer can be a key factor in court decisions - both positive and negative.

 

 

 

 



8th-May-2008