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Tax – Business Income

Property damage or destruction – insurance payouts

Insurance payments received from property damage or destruction may have tax implications…

What happens when an asset is destroyed?

Special balancing adjustment rules apply where an asset is subject to an involuntary disposal. Find out what the rules are

Applying for multiple TFNs and ABNs

The Tax Office issues only one tax file number (TFN) and Australian Business number (ABN) to an applicant where the appropriate application forms have been successfully processed.

How to claim foreign income tax offset

A tax offset can be claimed for an amount of foreign tax paid on foreign income, subject to a limit.

Proper record keeping

The Tax Office has provided a factsheet on record keeping requirements and related penalties.