PS LA 2005/24 – Practice Statement on ATO’s application of General Anti-avoidance Rules (GAAR) – rewrite whole document for legislative change

Tax Month - September 2016, Uncategorized

The ATO has released an updated and rewritten version of its lengthy Practice Statement Law Administration PS LA 2005/24 on the Application of General Anti-Avoidance Rules. The whole document was re-written following considerable legislative change since the previous re-write, which as in 2009. The Practice Statement should be used where the ATO proposes to: make…

Tasmania: Duties Amendment (Motor Vehicle Industry Red Tape Reduction) Bill – broadening the exemption for ‘demonstrator’ and ‘courtesy’ cars

Tax Month - September 2016

The Duties Amendment (Motor Vehicle Industry Red Tape Reduction) Bill 2016 (Tas) passed all stages without amendment on 15.9.2016 and awaits Royal Assent. The Bill will amend the Duties Act 2001 (Tas) to broaden the permitted use of demonstrator vehicles under the current duty exemption for new motor vehicles registered by licensed motor vehicle traders…

Budget Savings (Omnibus) Bill 2016 enacted (Act No. 55) – reduction in R&D offsets by 1.5% points: 45% to 43.5% and 40% to 38.5%

Tax Month - September 2016

The Budget Savings (Omnibus) Bill 2016 received Royal Assent as Act No 55 of 2016 on 16.9.16, having passed the Senate without amendment the night before. The Bill implements measures announced in the 2016-17 Federal Budget and earlier Budget updates eg: introduces Single Touch Payroll (STP) reporting for substantial employers to automatically provide payroll and…

Victorian State Taxes – Objections lodged out of time – draft ruling on exercise of the Commissioner’s power (TAA.004v3)

Tax Month - September 2016

The Taxation Administration Act 1997 (TAA) allows a taxpayer who is dissatisfied with an assessment (other than a compromise assessment) or certain decisions of the Commissioner of State Revenue (the Commissioner) to lodge a written objection with the Commissioner (see section 96 of the TAA). This includes an objection to an assessment of a tax liability…