Daily Archives: May 3, 2016

Re TBCL & Anor and FCT – Super death benefit: ‘interdependency relationship’ not found on ruling facts but further ruling request ordered to cover further facts

The AAT has ordered the Commissioner to request a couple (the taxpayers) to make an application for another private ruling in relation to a life insurance payout received following the death of their son. In 2013, the taxpayers’ son died in a motorbike accident. He was employed as a pilot and up to the time…

Higher education loan scheme (HECS): repayment income and rates

A notice has been gazetted specifying the repayment incomes and repayment rates for the Student Financial Supplement Scheme (SFSS) for the 2016-17 financial year. The details are: SFSS repayment rates 2016-17 For repayment income in the range Percentage rate to be applied to repayment income Below $54,869 Nil $54,869 to $67,368 2.0% $67,369 to $95,626 3.0% $95,627…

Board of Taxation launches “Sounding board” platform seeking ideas on tax regulation

The Chair of the Board of Taxation, Michael Andrew, on Fri 29.4.2016 launched Sounding Board: Ideas for better tax regulation which is an online platform which allows users to submit, discuss and vote on tax system improvement ideas. “Stakeholders with day-to-day experience in navigating the system are encouraged to submit ideas on how to improve the tax system, and provide…

TA 2016/6 – Arrangement where individuals divert personal services income to an SMSF to access concessional tax rates – may offend PSI and NALI provisions

On 29.4.16, the Tax Office  issued Taxpayer Alert TA 2016/6 warning individuals about arrangements purporting to divert personal services income (PSI) to a self-managed superannuation fund (SMSF) to avoid paying tax at personal marginal rates. The ATO said it is reviewing arrangements whereby individuals perform services for a client but do not directly receive any (or adequate)…

Vic: State Taxation and Other Acts Amendment Bill – introduced into the Victorian Lower House

The State Taxation and Other Acts Amendment Bill 2016 (Vic) was introduced in the Victorian Legislative Assembly on Wed 27.4.2016 following the Victorian Budget. It proposes to amend the following Victorian Acts: the Payroll Tax Act 2007; the Duties Act 2000, the Land Tax Act 2005, the State Taxation Acts Further Amendment Act 2015, the Taxation Administration Act 1997, the Fire Services Property Levy…

Victorian Budget 2016-17: payroll tax cut; stamp duty increase on foreign property buyers; etc

The Victorian Budget 2016-17 was handed down on Wed 27.4.2016. Key proposed revenue measures are as follows: Payroll tax tax-free threshold will be increased over 4 years, commencing 1 July 2016. The increase will be phased in as follows: 2016-17 – increase to $575,000; 2017-18 – increase to $600,000; 2018-19 – increase to $625,000; and 2019-20 – increase to $650,000. Payroll…