Retirees are increasingly choosing to access their superannuation through income streams rather than withdrawing lump sums, according to new analysis released today by the Australian Bureau of Statistics (ABS). Almost 1.2 million people were receiving an income stream from their superannuation in 2013-14, at an average of $502 per week. “Of that 1.2 million, about…
On Wednesday 3.8.2016, the ATO issued the following Class Ruling: CR 2015/57: Pacific Brands Ltd – Scheme of arrangement and payment of special dividend. It applies from 1 July 2016 to 30 June 2017. [LTN 148, 2/8/16] Section references: Income Tax Assessment Act 1936; Income Tax Assessment Act 1997 Extract from Class Ruling Scheme 15. Hanes is a corporation based in…
On Wednesday 3.8.2016, the ATO issued the following Class Ruling: CR 2016/56: FBT: employers who use the Ctrack Pty Ltd telematics system for car log book records and for odometer records. It applies from 1 March 2015. [LTN 148, 2/8/16] Extract from Class Ruling Ctrack Telematics Solution 9. Ctrack Pty Ltd (Ctrack) has developed a telematics solution which allows…
The Productivity Commission has released its proposed framework to assess the efficiency and competitiveness of Australia’s $2 trillion superannuation system. ‘Our superannuation system is large, complex and has broad reach. This means even small system improvements can offer significant financial benefits to Australian workers, particularly in their retirement.’ ‘We have developed a framework that will…
To help you understand the new Country-by-Country reporting requirements, the ATO now has a publication on the high level design of the Local file (similar to that released on 7 July). The Local file is a statement multinational entities with an annual global income of A$1 billion are required to provide us for income years…
28/07/2016 – Interested parties are invited to provide comments on a discussion draft which deals with approaches to address BEPS involving interest in the banking and insurance sectors under Action 4 (Interest deductions and other financial payments) of the BEPS Action Plan. In October 2015, the BEPS Action 4 Report Limiting Base Erosion Involving Interest Deductions and Other…
T a x T e c h n i c a l – M o n t h l y N e w s – August 2016 Developments – This is a collection of developments in Australian tax law and practice that occurred in August 2016 which aims to be relevant to tax practitioners.[i] Compiled By F John…
The AAT has affirmed the Tax Practitioners Board’s ruling that an applicant had not successfully completed a course in basic GST/BAS taxation principles that was approved by the Board thereby denying him eligibility for registration as a BAS agent. The applicant lodged an application online for registration as a BAS agent and stated that he had…
The District Court of Queensland has allowed the appeal of the director and controller of a company from a decision of a Magistrate in which she pleaded guilty to 7 offences for failing to lodge income tax returns and 31 offences for failing to lodge GST returns for which she was fined $10,000 and $30,000,…
The High Court has granted the taxpayer special leave to appeal against the Full Federal Court decision in FCT v ElecNet (Aust) Pty Ltd (Trustee) [2015] FCAFC 178. The Full Federal Court had unanimously allowed the Commissioner’s appeal and held that an “industry severance trust scheme” for electrical workers was not a “unit trust” for the purposes of Div 6C…