ATO Updates Guidance on Taxes and Transactions that Attract Their Attention

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…