Daily Archives: September 4, 2016

‘Apple’ received 13b Euro in tax benefits from Ireland, which the EU has declared illegal and required Ireland to recover

Brussels, 30 August 2016 The European Commission has concluded that Ireland granted undue tax benefits of up to €13 billion to Apple. This is illegal under EU state aid rules, because it allowed Apple to pay substantially less tax than other businesses. Ireland must now recover the illegal aid. Commissioner Margrethe Vestager, in charge of…

SMSF compliance action and focus areas: ATO speech at Tax Institute’s National Superannuation Conference in Melbourne

The ATO has provided a report on compliance outcomes in 2015-16 and focus areas for 2016-17. Speaking at the Tax Institute’s National Superannuation Conference on 25 August 2016, Assistant Commissioner Kasey MacFarlane discussed the following topics: Compliance outcomes in 2015-16 reflect an increasing use of new compliance enforcement tools available to the ATO since 1 July 2014. During the course of 2015-16,…

Budget Savings (Omnibus) Bill – introduced: many savings including some tax related e.g. reducing R&D off-sets by 1.5 percentage points

On 31.8.16, the Budget Savings (Omnibus) Bill 2016 was introduced in the House of Reps. It seeks to achieve savings across multiple portfolios to contribute to Budget repair. The Bill would implement measures announced in the 2016-17 Federal Budget and earlier Budget updates. Some of the changes include: Single touch payroll reporting – creates a new reporting framework,…