Conveyancers may need to register with TPB – foreign resident capital gains withholding (lawyers are ok – they are exempted from regulation)

Tax Month - October 2016

Conveyancers may have clients that are impacted by new rules, in place since July 2016, that now apply to vendors disposing of certain taxable Australian property under contracts. Chair of the Tax Practitioners Board (TPB), Mr Ian Taylor, has advised conveyancers that they may need to register with the TPB, when assisting clients to meet new requirements under the foreign resident…

DRAFT Treasury Laws Amendment (Enterprise Incentives) Bill 2016: no s1274 public disclosure for ordinary share ESS interests, not listed, only offered to employees – if issuer is sub-10 year incorporated and sub-$50m turnover

Tax Month - October 2016

As part of the National Innovation and Science Agenda, the Government is taking steps to make it easier for employers to provide incentives to their employees through Employee Share Schemes (ESS). In particular, the Government has committed to: limit the requirement for disclosure documents given to employees under an eligible ESS and lodged with the…

Crowdfunding – ATO’s discussion paper about the tax implications for the ‘Promoter’, ‘Intermediary’ and ‘Contributors’

Tax Month - October 2016

Overview – Crowdfunding is the practice of using internet platforms, mail-order subscriptions, benefit events and other methods to find supporters and raise funds for a project or venture. As the industry expands and new developments arise, we will review and update the information. If you’re involved in crowdfunding – regardless of your role – you…

CR 2016/81-83 – Special dividend in Ascanio Scheme of Arrangement; early retirement schemes by ‘Ward McKenzie’ and ‘Henwood Downs’

Tax Month - October 2016

On Wed 26.10.2016, the Commissioner issued the following Class Rulings: CR 2016/81: Asciano Limited – Scheme of Arrangement and Special Dividend. It applies from 1 July 2016 to 30 June 2017. CR 2016/82: the “Ward McKenzie Early Retirement Scheme 2016”. It applies from 26 October 2016 to 31 December 2016. CR 2016/83: the “Henwood Downs Early Retirement Scheme 2016”. It applies from 26 October 2016…

PCG 2016/D16 on the meaning of ‘fixed interests’ and ‘fixed trusts’ including the Commissioner’s power to treat interests as ‘fixed’ under s272-5 of the ITAA36, Schedule 2F (relating to trust losses)

Tax Month - October 2016

On Wed 26.10.2016, the Commissioner released Draft Practical Compliance Guideline PCG 2016/D16 relating to the meaning of ‘fixed entitlements’ in ‘fixed trusts’ as defined in the trust loss provisions. This affects not only the requirements for a trust to carry forward losses but also a large number of provisions in income tax law, which are…

PCG 2016/D16 – Draft ATO guidance on the operation of the ‘fixed trust’ requirements in Income Tax and GST law – including the Commissioner’s power to treat relevant trust interests as ‘fixed’ when they would not otherwise be

Uncategorized

What this draft Guideline is about 1. This draft Guideline outlines the factors that the Commissioner will consider when deciding whether to exercise the discretion to treat an entitlement as being a fixed entitlement, which results in a trust being treated as a fixed trust under the trust loss provisions. The Commissioner must determine whether to exercise…