ATO disclosure of Tax Debts to Credit Reporting Bureaus – ATO’s consultation on its proposed administration of the proposed law allowing it to report tax debts, of over $10k owed by ABN holders, that are not suitably managed

The Government announced draft legislation for a ‘tax debt transparency’ (disclosure) measure on 11 January 2018, for consultation purposes (see related Tax Month article). On the same day, ATO uploaded the following article, seeking simultaneous consultation on its proposed administration of this proposed measure (with suitable disclaimers about this only being proposed administration of a…

Whistleblower Bill introduced into Parliament – strengthening and expanding whistleblower protections but still no ‘bounty’ for successful disclosures

On 13 December 2017, the Australian office of the international law firm: Ashurst, put out the following briefing. The authors were: George Cooper, Partner; James Clarke, Senior Associate; and Lucy Cameron, Graduate. What you need to know On 7 December 2017, the Treasury Laws Amendment (Enhancing Whistleblower Protections) Bill 2017 was tabled in Parliament. The Bill…

Lewski v CofT – Amended assessments to discretionary beneficiary overturned by the Full Federal Court – an overview

The Full Federal Court handed down its judgement in Lewski v Commissioner of Taxation [2017] FCAFC 145 on 18 September 2017, overturning the AAT’s decision, in : Re TVKS and FCT [2016] AATA 1010. The Court set aside the Commissioner’s amended assessments to Mrs Lewski of $10.1m in the 2006 year and $3.1m in the 2007 year. There were…

FISCHER & ORS v NEMESKE PTY LTD & ORS – Family Trust’s distribution of an amount equal to the ‘asset revaluation reserve’ on certain shares (and not the shares themselves) with the ‘loan back’ booked – was effective

Introduction On April 6th 2016 the High Court handed down a 3-2 majority decision holding, inter alia, that a trustee had validly exercised a power to “advance” and “apply” trust capital, or income, by creating a debt, enforceable at law, that reflected the increase in value of the main asset of the trust, at the…

Settling legal disputes – the income tax, CGT and GST effect on various elements of the settlement amount paid

Tax and settlements Dr Philip Bender, barrister, List A Barristers Introduction This paper looks at the impacts of Federal taxes on litigation settlements. The main areas covered by the paper are: Goods and Services Tax (GST) and settlements; Income tax (including capital gains tax) and settlements; and Superannuation death benefits. GST and settlements In order…

ATO explains its analysis of the ‘gap’ between taxes theoretically due and actually paid – why and how

Why we measure the tax gap Estimating tax gaps forms part of the ATO’s broader accountability and transparency as a leading administrator. It is consistent with contemporary international best practice in tax administration. Australians all benefit from healthy tax and superannuation systems that support our society and economy. The community expects us to manage all…

Corporate Tax Avoidance – Multinationals (including Apple, Microsoft, Google and Facebook) report progress with ATO and in restructuring (22 August 2017 public meeting of the Senate Economic References Committee)

[From Australian Financial Review – 22.8.17] ATO hails tech giants’ $7 billion sales surge Facebook vice-president of tax and treasury Ted Price said his company was being audited for “most of the years in which we’ve been doing business” in Australia. Kate Geraghty Share on twitter by Joanna Mather The world’s biggest technology companies are…