Daily Archives: August 20, 2016

Woods v Australian Taxation Office & Ors – the taxpayer alleged the ATO breached a contract and was owed money, net of her tax, and alleged that her tax had been paid by promissory notes, but her claim was struck out

A taxpayer has been unsuccessful before the Qld District Court in a matter concerning alleged promissory notes to discharge a tax debt and claimed breaches of alleged contracts by the ATO. The taxpayer commenced legal proceedings for money said to be owing to her pursuant to 2 contracts said to have arisen between herself and,…

Voluntary Tax Transparency Code (recommended by the BofT) – The ATO will receive information volunteered and provide access as the responsible entity for its administration

As the responsible agency for administering the Board of Taxation’s Voluntary Tax Transparency Code (TTC), the ATO uploaded information about the new Code (and its role in administering it). [ATO website] [LTN 153, 10/8/16] Background to TTC By way of background the ATO notes that the Tax Transparency Code (TTC) is a set of principles…

Offshore Marketing Hubs – draft Practical Compliance Guideline issued – 5 stage ‘traffic light’ system of risk assessment for reporting and compliance attention – starting with ‘green’ for no more than 100% markups

On 10 August 2016, the ATO released a draft practical compliance guideline (PCG) dealing with the use of offshore marketing hubs. The media release the draft PCG outlines how the ATO proposes to treat transfer pricing issues related to the location and relocation of certain business activities and operating risks into centralised operating models, commonly referred to…