From 1 May 2015, the Inspector-General of Taxation (IGT) will be able to consider and assist taxpayers with their complaints about the Australian Taxation Office (ATO) and Tax Practitioners Board (TPB). The transfer of this function from the Commonwealth Ombudsman to the IGT was announced in last year’s Federal Budget and the relevant legislation was…
The Assistant Treasurer, on Thur 2.4.2015, released the Board of Taxation’s review into aspects of the tax integrity rules that distinguish debt finance from equity. Specifically, the report recommends reforms to the related scheme provisions and the equity override provision in the tax rules for debt and equity. Mr Frydenberg said the Board of Taxation…
The ATO has issued a Decision Impact Statement on the decision in Re Ward and FCT [2015] AATA 138. In that case, the AAT ruled that it had jurisdiction to review a decision by the Commissioner not to make a determination to disregard or reallocate excess superannuation contributions after finding that s 292-465(9)(a) of the ITAA…
In a case involving the calculation of losses carried forward under Subdiv 36-A of ITAA 1997, the AAT has confirmed that a net exempt loss of a year of income cannot be carried forward to a future year but rather is lost. Under s 36-10 of ITAA 1997, a tax loss arises in any income…
Treasury has released draft legislation to give effect to the government’s announcement to remove the obligation for employers to offer a choice of superannuation fund to temporary residents, or when superannuation funds merge, from 1 July 2015. In particular, employers will not be required to give employees a standard choice form if they hold a…
In a February 2014 decision in Australia Pacific Pty Ltd & Ors v Building and Construction Industry Authority [2014] QMC 004, the Magistrates Court of Qld held that GST on domestic and imported goods used in a coal seam gas project in Qld is a component of the cost of building and construction work. This meant the…
The AAT has held that an individual was not a person who was entitled to apply for review of reviewable objection decisions made by the Commissioner. The Tribunal also refused the individual’s request to extend the time within which to lodge an application for review of the objection decisions. The individual, in his own name…
Mr Hockey said: ‘The [relevant] integrity measures were in relation to what is emerging as an OECD consensus, that GST should be charged at the source [of the payment for the service], so a company providing intangible services into Australia, such as media services or so on, wherever they are located they should charge GST…
The ATO on Wed 29.4.2015 released Taxation Statistics 2012-13 which present an overview of 2013 income tax returns for individuals, companies, superannuation funds, partnerships and trusts. The statistics also cover other aspects of the taxation system such as GST, FBT and excise, along with the superannuation system, in relation to the 2013-14 financial year. Highlights from…
PAYG Instalments – Your clients can generally choose between two options for reporting and paying their pay as you go (PAYG) instalment obligations for the income year. They can either: pay the pre-printed instalment amount, or calculate their PAYG instalment using the rate option. In Quarter 1, if an activity statement due date has passed…