A taxpayer has been partly successful before the AAT in discharging the onus of proving that various amounts deposited into his bank accounts from the 2001 to 2008 income years were not income, but were other amounts, which he could explain. At the same time, he was able to demonstrate there was no fraud or…
The Minister for Revenue and Financial Services: Ms Kelly O’Dwyer, introduced the International Tax Agreements Amendment Bill 2016 in the House of Representatives on Thursday 1.9.2016. It proposes to amend the International Tax Agreements Act 1953 to give the force of law in Australia to the double tax agreement (DTA) between Australia and Germany that…
The Treasury Laws Amendment (Enterprise Tax Plan) Bill 2016 was introduced in the House of Reps, on Thursday 1.9.2016. It contains the following proposed amendments. Corporate Tax Rate Reduction – 27.5% for SBE’s and 25% for all in 11 years The Bill proposes to amend the Income Tax Rates Act 1986 to reduce the corporate…
On 1 September 2016, the Treasurer introduced the Treasury Laws Amendment (Income Tax Relief) Bill 2016 to amend the rates act to increase the threshold for the 32.5% from $80,000 to $87,000. The result will be that individuals (voters) will now need taxable income over $87,000 to start paying tax at 37% rate (that is,…
T a x T e c h n i c a l – M o n t h l y N e w s – September 2016 Developments – This is a collection of developments in Australian tax law and practice that occurred in September 2016 which aims to be relevant to tax practitioners.[i] Compiled By F John…