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MANAGING TAX DISPUTES CAN BE LIKE WRESTLING WITH A SUPERHERO

It is sometimes said that a superhero like the DC Comics character Superman can be uninteresting because he is, for all practical purposes, indestructible. Critics have said the knowledge that he will most likely win can make Superman's adventures monotonous.

A similar accusation could be levelled at the Federal Commissioner of Taxation (the flesh and bone personification of the ATO). To most people, including a hefty majority of small and medium businesses, the Commissioner appears to be immune from defeat.
           
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UNPACKING STATUTE-BARRED DEBTS         

Various tax implications can arise when a debt becomes statute-barred. So what is statute barring and when can it be a problem?

In simple terms, a debt is statute-barred when it has reached a statutory limitation period where it can no longer be legally recovered by creditors.

Specifically, each state and territory in Australia contains its own "statute of limitation" provisions that provide a procedural basis for a lawsuit for non-payment of a debt, including a time limit, which can be used as a defence against the claim from creditors.
                        
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THE PROPORTIONING RULE AND YOUR SMSF: ITS ALL ABOUT BALANCE

When calculating a super benefit, it is necessary to identify and determine the value of the various components that make up the benefit. The law around superannuation dictates that the tax-free component and taxable components of a member's payment must be paid in the same proportion as the tax-free and taxable components of the member's interest. This requirement is known as the proportioning rule.

Think of the proportioning rule as a sort of integrity measure that prevents the 'cherry picking' of the tax-free and taxable components when a payment is made from superannuation.

                        
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BUILDERS: GET YOUR TAXABLE PAYMENTS REPORT READY BEFORE AUGUST 28

Businesses in the building and construction industry, take note - the deadline is August 28,2018 to report the total payments you made to each contractor you enlisted the services of in 2017 - 18. You will need to report these payments to the ATO on the Taxable payments annual report. 

The taxable payments reporting system was initially introduced to address longstanding compliance issues by contractors in the building and construction industry.                                                                  

         
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