Daily Archives: November 6, 2016

G20/OECD BEPS Project – network of more than 1,000 relationships now in place to automatically exchange information between tax authorities

20/10/2016 – Today, as a further step to implement the OECD Common Reporting Standard (CRS), the first series of bilateral automatic exchange relationships were established among the first batch of jurisdictions committed to exchanging information automatically as of 2017. With still a year to go before the first exchanges of information on financial accounts pursuant to…

G20/OECD BEPS Project – Action 14: effective dispute resolution mechanisms to resolve tax treaty-related disputes – Key documents released to implement Mutual Agreement Procedure for ‘peer review and monitoring’

20/10/2016 – Today the OECD released key documents, approved by the Inclusive Framework on BEPS, that will form the basis of the Mutual Agreement Procedure (MAP) peer review and monitoring process under Action 14 of the BEPS Action Plan. The Action Plan on Base Erosion and Profit Shifting identified 15 actions to address BEPS in a…

Re NZWINEIMPORTS Pty Ltd and FCT – AAT rules that WET and GST liability of wine importer to be recalculated

The AAT has found that the Wine Equalisation Tax (WET) and the related GST liability of an Australian importer of New Zealand wine was to be recalculated on the basis that the Commissioner had adopted the wrong methodology in calculating the taxpayer’s WET liability in the circumstances. In arriving at its decision, the AAT essentially found that the taxpayer’s approach…

SMSF trustees using LRBAs to acquire assets – ATO announces voluntary survey to gather information (and NOT for compliance purposes)

The ATO will be contacting some self-managed super fund (SMSF) trustees in November 2016 to participate in a survey about the use of limited recourse borrowing arrangements (LRBA) to acquire assets for their SMSF. The ATO said the survey is part of research to learn more about SMSFs’ use of LRBAs. It said participation is voluntary and…

Law Enforcement Legislation Amendment (State Bodies and Other Measures) Bill 2016 introduced – greater access to Cwth information and powers to state authorities and rectifying meaning of ‘lawfully acquired’ (proceeds of crime)

The Government introduced the Law Enforcement Legislation Amendment (State Bodies and Other Measures) Bill 2016 into the House of Reps on Wed 19.10.2016. This Bill will amend the Anti-Money Laundering and Counter-Terrorism Financing Act 2006, Australian Postal Corporation Act 1989, Crimes Act 1914, Criminal Code Act 1995, Privacy Act 1988, Proceeds of Crime Act 2002,…

CR 2016/73-80 – CGT scrip-for-scrip roll-overs; special dividend; early retirement scheme

On Wed 19.10.2016, the Commissioner issued the following Class Rulings: CR 2016/73: Scrip-for-scrip roll-over – Caledonia group reorganisation: Caledonia Australia Trust; CR 2016/74 Scrip-for-scrip roll-over – Caledonia group reorganisation: Caledonia Australia No 2 Trust; CR 2016/75: Scrip-for-scrip roll-over – Caledonia group reorganisation: Caledonia Small Caps Trust; CR 2016/76: Scrip-for-scrip roll-over – Caledonia group reorganisation: Caledonia…

PCG 2016/10 – FBT: Fleet cars and simplified representative average business use approach for calculating car fringe benefits for 20+ employer chosen fleets under luxury car tax threshold

On Wed 19.10.2016 the Commissioner issued Practical Compliance Guideline PCG 2016/10 (Fleet Cars: simplified approach for calculating car fringe benefits). The PCG outlines a simplified approach for calculating car fringe benefits that is expected to reduce the record-keeping burden on employers with large fleets by allowing them to rely on a representative average business use…