In July, the CEO of the Board of Taxation released her July 2018 Update. The Board held meetings in Canberra on 25 May 2018 and in Melbourne on 5 July 2018.
At these meetings, the Board discussed the progress and direction of its current projects, including:
- Post implementation review of contingent consideration rules (earn-out arrangements).
- A review of small business tax concessions – the Board will be conducting public consultation sessions in Sydney, Melbourne, Adelaide and Canberra in coming weeks to discuss issues relevant to its Small Business Tax Concessions Review. The Board’s review is being undertaken in response to feedback from the business community that there is scope for significantly improving the way that tax concessions can help small businesses.
- Reviewing FBT compliance costs, including international comparisons – there will be an upcoming survey to collect data for the Board’s review of FBT compliance costs.
- Consultation on aspects of the residency rules for individuals – release of the Board’s report following its review of residency rules for individuals.
- A review of potential areas for greater alignment between tax and accounting treatments.
- Tax Transparency Code – As at 9 July 2018, there were 137 signatories to the Code, of which 116 have published at least one tax transparency report.
- Reviewing aspects of the taxation of the not-for-profit sector.
The Update elaborates on these topics.