The governments of 86 countries have taken a key step towards preventing VAT/GST from weighing on trade while also safeguarding state revenues by endorsing the first internationally agreed framework for applying national VAT/GST rules to cross-border transactions. More than 250 high-level representatives of around 100 countries, jurisdictions and international organisations, attending the second meeting of…
The ATO has amended the following Practice Statements PS LA 2005/2 (GA) was amended on 14 April 2014 to remove reference to a number of fact sheets and replace with GSTR 2006/7. The Practice Statement explains when the Commissioner may accept that an entity, which did not choose to apply the margin scheme to work out the GST on…
This Draft Determination, released on Wed 9.4.2014, states that payments made by a vendor to a purchaser of real property when the rent received falls below a rental yield guaranteed by the vendor give rise to an adjustment event for the purposes of Div 19 of the GST Act. The ATO says this will be the…
This Draft GST Determination, issued Wed 2.4.2014, states that the supply of a credit card facility will be GST-free under para (a) of Item 4 in s 38-190(1) of the GST Act to the extent it is intended that the cardholder will use the facility to undertake a transaction when they are physically outside Australia. This…
The AAT has held that a retirement village developer’s input tax credit (ITC) entitlements for certain acquisitions for the relevant periods was 13%, but remitted to the Commissioner consideration of its ITC entitlement of other acquisitions. The taxpayer company is a member of a GST registered group comprised of 6 members that operate retirement villages.…
The CPI indexation factor, which is used for FBT purposes concerning remote area benefits (under ss 60 and 60AA of the FBTAA), for the March quarter 2014 increased 0.6 from the December 2013 quarter to 105.4. The Australian Bureau of Statistics (ABS) said inflation was running at 2.9% through the year to 31 March 2014 (up from 2.7% through the year…
The ATO has gazetted a notice announcing that it will request and collect online selling data relating to registrants that sold goods and services of a total value of id=”mce_marker”0,000 or greater in either or both of the financial years 2011-12 and 2012-13. The ATO says it will seek data from eBay Australia & New…
In a speech to an ATAX conference on Mon 14.4.2014, the Commissioner said the early results from the ATO’s Project DO IT: Disclose offshore income today are promising and show there have so far been 16 disclosures and 33 expressions of interest from others who intend to make a disclosure. Mr Jordan said the ATO is…
The ATO has announced data-matching programs targeting Childcare Service and Educator Payments and taxable payments and grants from the Qld Government. The ATO said the programs help it identify non-compliance with lodgment and payments obligations under the tax law. Details of the programs are as follows: Childcare Service and Educator Payments – the ATO says…
The Government has announced that the ATO has on Tue 1.4.2014, taken over responsibility for the Small Business Superannuation Clearing House. There are now 58,000 employers registered with the clearing house. The Government said it was also “encouraging the other 700,000 businesses that are potentially eligible to use the clearing house, to sign up”. Further…