Daily Archives: November 19, 2016

Tas: Taxation and Related Legislation (Miscellaneous Amendments) Bill receives Royal Assent: harmonizing payroll tax for owner-drivers; duty on vesting property and general land tax free threshold for sports clubs

The Taxation and Related Legislation (Miscellaneous Amendments) Bill 2016 (Tas) received Royal Assent on 31 October 2016 as Act No 43 of 2016 (after being introduced on 28 August 2016). It had passed all stages without amendment and amends the following Tasmanian Acts: the Payroll Tax Act 2008; the Duties Act 2001; the Land Tax Act 2000;…

CR 2016/84 – Centuria Capital Ltd creates a new stapled share and unit structure by selling key assets to a new unit trust and making an ‘in-specie’ distribution of the units to shareholders to be ‘stapled’

On Wed 2.11.2016, the ATO issued Class Ruling: CR 2016/84, relating to an in-specie distribution by Centuria Capital Limited of units in a newly created trust, to be stapled to its shares. It was a fairly ‘plain vanilla’ restructure and the ruling confirms that all the difficult provisions don’t apply and a fairly ‘plain vanilla’…

TD 2016/17 – when a contractual right ‘becomes’ a right to acquire a beneficial interest in a share for the purpose of the ‘intermediate rights’ provisions in Div 83A (relating to employee share schemes)

On Wed 2.11.2016, the ATO released Taxation Determination TD 2016/17, which outlines the circumstances in which a contractual right becomes a ‘right to acquire a beneficial interest in a share’ for the purposes of s83A-340(1) of the ITAA 1997. The Determination also applies to s83A-15 of the Income Tax (Transitional Provisions) Act 1997, where the same issue arises.…

ABN registration reviews to check entitlement: ATO and ABS to check a sample of 80k applications for entitlement to ABN – focus on individuals, partnerships and trust ABN’s issued Aug & Sept 2016

The Australian Business Register (ABR) receives around 80,000 ABN registrations applications a month. Around 91% of these applications result in registrations being issued on the spot. The main reason ABNs are not issued for the others is a failure to establish the identity of the people behind the business. The ATO said it has been…