The Australian Taxation Office (ATO) published updated guidance on 27 July 2021 concerning Transactions and taxes that attract their attention. This includes guidance in relation to:
- Bad debts
- Capital gains tax
- Commercial debt forgiveness
- Deductions
- Excise and excise equivalent goods
- Franking credits
- Fringe benefits tax
- Private assets or private pursuits in business
- Private company benefits
- Revenue losses
- Taxation of financial arrangements
The guidance generally applies in relation to pri…