Tax Laws Amendment (Norfolk Island CGT Exemption) Bill 2016 – CGT exemption now for all assets acquired before becoming part of Australia (except pre-24.10.15 mainland assets already taxable)

Tax Month 2016-02

On 11 February 2016, the Government introduced the Tax Laws Amendment (Norfolk Island CGT Exemption) Bill 2016 into the House of Representatives. [APH website] 1.1 This Bill amends the Income Tax (Transitional Provisions) Act 1997 to exempt assets held by Norfolk Island residents before 24 October 2015 from capital gains tax (CGT). 1.2 However, this change…

CR 2016/9 – Qantas employee share schemes – return of capital

Tax Month 2016-02

Today [Wed 10.2.2016], the ATO issued Class Ruling CR 2016/9 (Qantas Airways Limited – employee share schemes – return of capital). The Class Ruling applies to employees of Qantas Airways Limited and its subsidiaries who have participated in various Qantas employee shares schemes. It outlines the tax consequences to participants of Qantas’ $505m capital reduction and share…

Disputes with the ATO – Commissioner’s ‘service commitment’ – how they will review and attempt to resolve disputes

Tax Month 2016-02

The ATO has set out its “Service Commitment” to taxpayers in resolving disputes in response to a recommendation made by the Inspector-General of Taxation. In this context, a dispute refers to an objection, a review by the AAT or an appeal to a Court. The ATO said it recognises that when disputes are not managed well, the…

Summary of cross-border transaction GST changes in Tax and Superannuation Laws Amendment (2016 Measures No 1) Bill 2016 (as introduced)

Tax Articles

The Tax and Superannuation Laws Amendment (2016 Measures No 1) Bill 2016 was introduced into Parliament on 10 February 2016 to give effect (amongst other things) to the previously announced measure that reduces the GST duties of non-residents and gives ‘Australian-based business recipients’ more responsibility under the ‘reverse charge’ provisions in Div 84 (Schedule 2).  These changes will…

Summary of GST digital supply changes in Schedule 1 of the Tax and Superannuation Laws Amendment (2016 Measures No 1) Bill 2016 (as introduced)

Tax Articles

The Tax and Superannuation Laws Amendment (2016 Measures No 1) Bill 2016 was introduced into Parliament on 10 February 2016 to give effect (amongst other things) to the previously announced measure that GST should apply to overseas digital supplies, to Australian consumers. If the supply is made through an ‘electronic distribution platform’ the operator of that platform…

Tax and Superannuation Laws Amendment (2016 Measures No 1) Bill 2016 introduced – GST on imported digital products and cross-border transactions

Tax Month 2016-02

The Tax and Superannuation Laws Amendment (2016 Measures No 1) Bill 2016 was introduced in the House of Reps on Wed 10.2.2016. It proposes the following amendments: Extending GST to digital products and other imported services – Schedule 1 amends the GST Act to ensure that digital products and other imported services supplied to Australian consumers by foreign entities…

NSW stamp duty: Kamareddin v Comr of State Revenue – transfer exemption for break down of marriage available after divorce despite no Family Law Agreement and remarrying

Tax Month 2016-02, Uncategorized

A taxpayer has been successful before the NSW Civil and Administrative Tribunal in obtaining a marriage break-up transfer exemption from stamp duty under s 68 of the Duties Act 1997 (NSW). The taxpayer married Mr H in 2003. The couple occupied premises in Greenacre owned by Mr H. On 3 November 2011, the taxpayer and Mr H made an oral…

ATO’s ‘effective taxes borne’ tool completes trial and will help analyse tax performance of MNEs

Tax Month 2016-02

The ATO says it has completed a pilot trial with participating businesses to test and refine a methodology to determine Effective Taxes Borne (ETB) and its use in analysing the Australian and global tax performance of multinationals. According to the ATO, its pilot findings show ETB as an effective risk and compliance tool to help it identify…

ATO’s “interpretation NOW!” series on Courts’ approach to interpretation – previously internal but made public in response to public interest

Tax Month 2016-02

The ATO has,  on Tuesday 9.2.2016, released on its Legal Database a series of what till now have been internal ATO documents entitled “interpretation NOW!” (iNOW!). The documents (or “Episodes” as they are called) are an ATO Tax Counsel Network (TCN) initiative and aim to raise awareness about what courts are saying about statutory interpretation.…