The AAT has upheld a period of 3 years during which a de-registered tax agent is prohibited from applying for registration as a tax agent. The applicant commenced practice as a registered tax agent in 2005. He lodged 164 tax returns on the instructions of one of 2 men who had approached him about preparing…
The AAT has upheld a Tax Practitioners Board decision and rejected a tax agent’s application for renewal of her registration as a tax agent. The tax agent had been registered since 1980. The agent had been audited on several occasions by the ATO and adjustments totalling over $500,000 had been made to the assessments of…
The Australian Charities and Not-for-Profits Commission (ACNC) has announced that it plans to revoke the charity status of 400 organisations it believes are no longer operating. These charities are being removed from the ACNC Charity Register as they have not been in contact with the ACNC since its establishment on 3 December 2012, have not responded to…
The ATO on Wed 24.9.2014, registered the following Legislative Instruments exempting low volume non-payers and large volume non-payers covered by the Instruments from having to lodge a Minerals Resource Rent Tax (MRRT) return in light of the repeal of the mining tax for various years as specified in the Instruments: Taxation Administration Act 1953 –…
The Governor-General on Mon 22.9.2014, proclaimed 30 September 2014 as the start date for Schedules 1 to 5 of the Minerals Resource Rent Tax Repeal and Other Measures Bill 2014 (which received Royal Assent on 5 September 2014 as Act No 96 of 2014). As a result, the Schedules will have the following dates of effect for most taxpayers:…
The Government on Tue 9.9.2015, announced that it will be recommending to the Governor-General that he affix by way of proclamation, 30 September 2014 as the commencement date for Schedules 1 to 5 to the Minerals Resource Rent Tax Repeal and Other Measures Bill 2014 (which received Royal Asset on 5 September 2014 as Act No 96 of 2014).…
The House of Reps late on Tue 2.9.2014 agreed to the amendments made by the Senate to the Minerals Resource Rent Tax Repeal and Other Measures Bill 2014 and the Bill now awaits Royal Assent. The Senate amendments mean: the Income Support Bonus will continue until 31 December 2016; the current Schoolkids Bonus will continue until 31 December 2016,…
The Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 [No 2] was on Mon 1.9.2014] laid aside in the House of Reps. This followed the Senate’s insistence on amendments it had made to the Bill to which the House had disagreed. In its place, the Government introduced and passed the Minerals Resource Rent…
The ATO has released its quarterly SMSF statistical report for June 2014. According to the report, there are estimated to be more than 534,000 SMSFs with total assets of $557bn, an increase of 6 and 12.5% respectively since June 2013. The ATO has provided an explanation concerning its revised approach to collecting data relating to assets held by SMSFs…
The ATO has released a Decision Impact Statement on the decision in AAT Case [2014] AATA 474, Re Dowling and FCT. In that case, which was a rehearing of the matter as ordered by the Federal Court (see FCT v Dowling [2014] FCA 252, a test case funded by the ATO), the taxpayer was unsuccessful in seeking the Commissioner’s…