Annual Statement deadline 31 January 2016: 19,000 still to submit with less than a month to go and 3,200 at immediate risk of having status revoked

Tax Month 2016-01

The Australian Charities and Not-for-profits Commission (ACNC) is warning thousands of charities, yet to complete their 2015 Annual Information Statement, that there are serious consequences for not meeting this core obligation. ACNC Commissioner, Susan Pascoe AM, urged charities to act now as 31 January 2016 is the due date for the 2015 Annual Information Statement…

Tax (financial) advisers must register with the Tax Practice Board (‘disclaimer’ period ended) – either ‘transitional’ to 30 June 2017 or ‘standard’ now

Uncategorized

Australian financial services (AFS) licensees and representatives who provide tax (financial) advice services for a fee or other reward must now be registered with the Tax Practitioners Board (TPB) [as of 1 Jan 2016]. They can no longer rely on a disclaimer to provide these services while unregistered. The TPB Chair, Ian Taylor, advises that…

ACT payroll tax: Comr for ACT Revenue v G Kalsbeek Pty Ltd – penalty tax for tax default affirmed – Comr wins appeal

Tax Month 2016-01

The Commissioner of ACT Revenue has been successful before the Appeals Tribunal of the ACT Civil and Administrative Tribunal in setting aside a previous decision to reduce penalty tax imposed on a taxpayer for a payroll tax default. At first instance, the ACT Civil and Administrative Tribunal was satisfied that, due to the ill health…

NSW payroll tax: Chan & Naylor Australia Pty Ltd v Chief Comr of State Revenue – commonly controlled businesses, so grouping affirmed

Uncategorized

Two corporate taxpayers have been unsuccessful before the NSW Civil and Administrative Tribunal in a payroll tax grouping matter. The Commissioner had grouped the taxpayers with another corporate entity for payroll tax purposes. The dispute concerned revised assessments for the financial years 2009 to 2013 for payroll tax, penalty tax and interest, which amounted to…

Vic stamp duty: – Kloester v Comr of State Revenue – property purchased in parents’ names – exemptions refused

Tax Month 2016-01

Two taxpayers have been unsuccessful before the Victorian Civil and Administrative Tribunal in seeking exemptions under either sections 34 (property vested in apparent purchaser) or 36 (property passing to beneficiaries of a fixed trust) of the Duties Act 2000 (Vic) in relation to a property purchased in the names of the parents of the first…

Tax Month – January 2016

Tax Month 2016-01

Tax Technical – Monthly News – January 2016 Developments – This is a collection of developments in Australian tax law and practice that occurred in January 2016 and which aims at being of relevance to tax practioners.* Compiled By F John Morgan A member of the Victorian Bar (www.FJMtax.com) Liability limited by a scheme approved…