Business
ATO warns businesses not to use loopholes to exploit $30bn Covid tax concessions – The Guardian
The tax office’s second commissioner told companies concessions should be used to invest not to buy assets ‘not actually used in your business’
The Australian Tax Office has warned companies not to use loopholes to exploit more than $30bn of business tax concessions including instant expensing and loss carryback provisions.
In a speech on Thursday the ATOs second commissioner for client engagement, Jeremy Hirschhorn, scolded companies for using jobkeeper wage subsidies to pay dividends and urged them not to use artificial mechanisms to exploit the measures contained in the 2020 budget.
Hirschhorn told a Chief Financial Officer Live event…
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