Submission on deductions for businesses disrupted by the COVID19 pandemic
CA ANZ recently provided feedback on the draft interpretation statement on the income tax deductibility and GST implications for businesses disrupted by the COVID-19 pandemic.
In our submission we call for more guidance and clarification on what the commissioner required to support the assertion that the taxpayer continued to have an intention to make a profit, as well as making suggestions to improve the examples contained in the statement.
When finalised this statement will be relevant to many taxpayers.