A notice has been gazetted specifying the repayment incomes and repayment rates for the Higher Education Loan Program (HELP) for the 2016-17 financial year. This notice (dated 9 May 2016) revokes the previous notice (dated 1 March 2016). The details are: HELP repayment thresholds and rates 2016-17 For repayment income in the range Percentage rate to be applied to repayment income 0 –…
The Tax Laws Amendment (Foreign Resident Capital Gains Withholding Payments) Regulation 2016 was registered on Monday 9.5.2016. It amends the Income Tax Assessment Regulations 1997 and the Tax Agent Services Regulations 2009. The Amendment Regulation prescribes Chi-X Pty Ltd as an approved stock exchange so that transactions that take place on Chi-X fall within the “on-market transaction” exemption from the foreign resident capital gains…
A managed investment trust (MIT) is a type of unit trust in which members of the public collectively invest in passive income activities, such as shares, property or fixed interest assets. A trust qualifies as a MIT if it meets certain requirements for the income year it is in operation. MITs (and their members) are…
The Governor-General has accepted the Prime Minister’s advice to dissolve both Houses of Federal Parliament simultaneously with effect from 9am on Monday, 9 May 2016, to enable an election for both Houses to take place on Saturday, 2 July 2016. The Government is now in Caretaker Mode. With the issue of writs on Mon 9.5.2016, for the holding of the 2016…
The Government, on Thursday 5.5.2016, announced the release of the Government’s response to the Senate Economics References Committee’s report on the Inquiry into Digital Currency: ‘Digital currency – game changer or bit player’ released 4 August 2015. In announcing the release of the Government’s response, the Assistant Treasurer said the Government was “committed to fostering innovation in the…
On Fri 6.5.2016, the ATO released Practical Compliance Guideline PCG 2016/7 (GST Joint Ventures in the energy and resource industry). The ATO says the Guideline provides a practical compliance approach to the GST treatment of supplies made between 2 GST joint ventures with common participants, as well as supplies made involving a GST joint venture where the supplier is…
The House of Representatives Standing Committee on Tax and Revenue on Thursday, 5.5.2016, tabled its first report in the House of Reps on the 2015 Annual Report of the ATO. The Committee made the following recommendations: That the ATO make a clear public statement of its timetable for the transition to the new tax agent platform. In order…
On 5 May 2016, the House of Representatives Standing Committee on Tax and Revenue tabled its report on the external scrutiny of the ATO in the House of Representatives. The terms of reference asked the Committee to consider in detail the issues of duplication and overlap, cost to government, and differential regulation. After considering these issue, the…
The Private Ancillary Fund and Public Ancillary Fund Amendment Guidelines 2016 were registered on Wed 4.5.2016. It amends the Private Ancillary Fund Guidelines 2009 and the Public Ancillary Fund Guidelines 2011 to, among other things: update the Private Ancillary Fund Guidelines 2009 to reflect improvements incorporated in the later made Public Ancillary Fund Guidelines 2011; introduce portability into the Private Ancillary Fund Guidelines 2009; update…
COMPANY TAX CUT: In the 2016-17 Federal Budget, the Government announced that it would reduce the company tax rate to 25% over 10 years. The reduction will be phased in, depending on the company’s size (ie it’s aggregated annual turnover). Small businesses will benefit sooner. The phase-in for all companies will be completed in the…