The Government has asked the Board of Taxation to conduct review to identify features in the tax system that are hindering or preventing small businesses from reaching their commercial goals. In making the announcement on Fri 28.3.2014, the Government said it was “fully committed” to the Tax White Paper process and that the Board’s “review…
Speaking on the final day of the Tax Institute National Conference on Fri 28.3.2014, Parliamentary Secretary to the Treasurer, Steven Ciobo, revealed that Treasury and the ATO have established a Working Group with representatives of the private sector to look at creating a power for the Tax Commissioner to resolve unintended and anomalous outcomes, known…
The ATO on Thur 27.3.2014, launched “Project DO IT: Disclose Offshore Income Today” in a bid to urge taxpayers with offshore assets to declare their interest ahead of a global crackdown on international tax havens. The ATO said its offshore voluntary disclosure initiative (OVDI) provides a last chance opportunity for those who haven’t declared their…
The Government on Mon 24.3.2014, released for public comment draft legislation to amend the income tax law to prevent dividend washing. The Government announced it would proceed with this measure on 6 November 2013, as part of its consideration of the announced but not enacted measures of the former Government. Dividend washing (also referred to as distribution…