Deductions for bad debts denied

Deductions for bad debts denied

The High Court has held that the taxpayer failed to establish that debts were written off as bad at the relevant time or that the debtors were released from making all remaining payments by law. The taxpayer also failed to establish that he carried on business for the...
R&D tax incentive package announced

R&D tax incentive package announced

On 3 October 2018, the Government announced the design of the research and development (R&D) tax incentive following extensive consultation with business. The key features of the R&D tax incentive include: a credit rate of 15% a $120 million cap on eligible...
Social Security legislation rewrite now law

Social Security legislation rewrite now law

The Social Security Act 2018 (No 32 of 2018) received the Royal assent on 28 September 2018 and mainly comes into force on 26 November 2018. The Social Security Bill (now the Social Security Act 2018) was formerly part of the Social Security Legislation Rewrite Bill...