Collective investment vehicle non-resident withholding taxes Consultation Paper November 2016 (copy from Australian Federal Treasury website – consultation) NOTES TO PARTICIPANTS The proposals outlined in this paper have not received Government approval and are obviously not yet law. As a consequence, this paper is merely a guide as to how the proposals might operate. CONTENTS…
On Thur 3.11.2016, the Government released a consultation paper on collective investment vehicle (CIV) non-resident withholding taxes as announced by the Minister for Financial Services on 4 May 2016 as part of the 2016/17 Federal Budget. The proposals for change centre on a uniform 5% withholding tax rate for investors in Managed Investment Trusts (MIT’s)…
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;…
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’…
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.…
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…
On Tuesday 1.11.2016, the Qld Court of Appeal allowed an appeal by 2 company directors against summary judgments made on 1 April 2016 for an aggregate $1.8m in Directors Penalty Notice (DPN) liabilities. It overturned the decision of Bond J, at first instance, in the Queensland Supreme Court in DCT v Rablin; DCT v Shaw [2016] QSC…
T a x T e c h n i c a l – M o n t h l y N e w s – November 2016 Developments – This is a collection of developments in Australian tax law and practice that occurred in November 2016 which aims to be relevant to tax practitioners.[i] Compiled By F John…
On Mon 31.10.2016, AUSTRAC published the first money laundering and terrorism financing (ML/TF) risk assessment into Australia’s superannuation sector. The Minister for Justice, Michael Keenan, said the assessment was developed in close partnership with the superannuation industry and identified a range of opportunities for the sector to further harden itself against threats. AUSTRAC identified higher than…
The Commissioner has lodged an application for special leave to appeal to the High Court against the Full Federal Court decision in FCT v Jayasinghe [2016] FCAFC 79. The Full Federal Court had by majority dismissed the Commissioner’s appeal from an AAT decision which had found that a taxpayer was exempt from his earnings as the…