The AAT has confirmed that 3 companies, that were in effect owned and controlled by one director, were liable to FBT and 75% administrative penalties over a 4-year period for failing to lodge FBT returns in relation to several luxury cars. The penalties amounted to over $250,000. The resulted in an overall liability of over…
The 2016 edition of the OECD’s annual Revenue Statistics publication shows that the OECD average tax-to-GDP ratio rose slightly in 2015, to 34.3%, compared to 34.2% in 2014. This is the highest level since the Revenue Statistics series began in 1965. An increase in tax-to-GDP levels was seen in 25 of the 32 OECD countries that provided preliminary data…
This Bill was introduced into Parliament on 1 December 2016 and amends (amongst other things): The Corporations Act 2001 to provide that employee share scheme disclosure documents lodged with the Australian Securities and Investments Commission are not made publicly available for certain start-up companies; and The Income Tax Assessment Act 1997 to update the list…
On 29 November 2016, the Government released draft legislation for comment to implement its proposed Diverted Profits Tax (DPT), which was announced in the 2016-17 Federal Budget. It proposes to enable the Commissioner to impose a penalty tax rate of 40% on profits diverted in breach of the rules – that is: on profits that…