GST Legislative Instruments registered: AFS recipients of financial services may issue RCTI; Food retailers may use simplified method to calculate ITC’s; Makers of research grants can issue RCTI; Recyclers may issue RCTI; No adj note for s83-5 reverse charge; no ‘tax invoice’ for undercover agents

Tax Month - September 2016

On Wed 28.9.2016, the Commissioner registered the following Legislative Instruments: GST: Recipient Created Tax Invoice Determination (No 41) 2016 for Australian Financial Services Licensees and their Representatives – It allows an Australian Financial Services (AFS) licensee or a representative of an AFS licensee that is a recipient of a taxable supply of a financial planning…

Review of Research and Development incentives released – 6 recommendations and three phases of implementation – things can be improved

Tax Month - September 2016

On 28.9.16, the Federal Minister: Greg Hunt released the report from the The review was undertaken by Chair of Innovation Australia Bill Ferris, Australia’s Chief Scientist Alan Finkel and Secretary to the Treasury John Fraser, to: “Identify opportunities to improve the effectiveness and integrity of the R&D Tax Incentive, including by sharpening its focus on…