The ATO has released guidance to assist taxpayers in supporting reduced input tax credit (RITC) claims, particularly concerning complex IT outsourcing agreements used in making input taxed supplies.

In a recent development, the Australian Taxation Office (ATO) has revised the acceptable estimates for the value of goods taken from trading stock for private use in the fiscal year 2023–24. This update brings forth important considerations for taxpayers, especially those in specific industries.

Understanding the Recent Changes in GST: ATO Withdraws Decision on Multi-Purpose Compression Socks

In a recent turn of events, the Australian Taxation Office (ATO) has made a significant decision reshaping the landscape of Goods and Services Tax (GST) considerations for multi-purpose compression socks. The ATO's withdrawal of its interpretative decision has created ripples in the business world, urging a closer examination of the new guidelines set forth by the authority.