Daily Archives: February 24, 2017

Re Brookdale Investments Pty Ltd and FCT – GST liability on Commissioner’s higher “consideration” amount for land stands [38]

The Commissioner has been successful before the AAT in a matter concerning the quantum of “consideration” for GST purposes received by a taxpayer on a taxable supply of land to a third party. The matter centered on the Commissioner’s amended assessment of a GST net amount of $59,283 for the December 2007 quarter on the sale of…

Tourist Refund Scheme for GST refunds now easier to access – doubled period before leaving and multiple invoices over A$300 [37]

Customs has advised that changes to the requirements for making a claim under the Government’s Tourist Refund Scheme (TRS) come into effect on Wed 17.4.2013. The TRS regulation changes will allow passengers to claim a refund of GST on purchases made up to 60 days before leaving Australia, whereas previously it was 30 days. Passengers…

ATO Taxation Statistics 2010-11 – an increase in collections on the previous year in all main categories [36]

The ATO on Tue 30.4.2013, released Taxation Statistics 2010-11 which features data compiled from tax returns from the 2010-11 income year and other financial information provided in activity statements and other FBT, GST, and excise forms for the 2011-12 financial year. Highlights from the statistics for the 2010-11 year included: Personal Tax: 12.6m individuals lodged…

Consolidated groups and ‘rights to future income’ changes: ATO to widen its compliance work to be ‘fair and equitable’ to large business taxpayers [35]

Last year, the Tax Laws Amendment (2012 Measures No 2) Act 2012 modified the consolidation rights to future income (RTFI) and residual tax cost setting (RTCS) rules. The changes were intended to ensure that the tax outcomes for consolidated groups are more consistent with the tax outcomes that arise when assets are acquired outside the…

Proposed Pt IVA amendments: ATO administrative treatment [34]

The ATO has released details of its administrative treatment regarding the Government’s proposed amendments to Pt IVA of the ITAA 1936, contained in the Tax Laws Amendment (Countering Tax Avoidance and Multinational Profit Shifting) Bill 2013 which is still before Parliament. The amendments are proposed to apply retrospectively to schemes entered into or carried out…

Company loss carry-back: ATO administrative treatment – don’t claim yet for 2012/13 year (wait for Royal Assent and further advice) [33]

The ATO has released details of its administrative treatment regarding the Government’s proposed change to allow companies to carry-back tax losses to receive a refund against taxes previously paid subject to certain conditions. The one-year loss carry-back was originally proposed to apply from 2012-13, where tax losses incurred in that year can be carried back…

Australian Business Registrar to review register and cancel ABNs where no ‘enterprise’ is being carried on (and remind holders to update particulars) [32]

The ATO has advised tax agents that the Australian Business Register (ABR) is reviewing and cancelling Australian Business Numbers (ABNs) where records indicate that holders are not conducting an enterprise, and therefore, not entitled to hold an ABN. It says those taxpayers who have had their ABN cancelled will receive a letter providing the reason…

ATO Data-matching program to determine tax compliance amongst 1 million visa holders [31]

The ATO on Wed 17.4.2013, announced a data-matching program targeting visa holders. It will request and collect the names, addresses and other details of visa holders of various visa subclasses between the period 1 January 2012 to 30 June 2014 from the Department of Immigration and Citizenship. The ATO said details of approximately 1m individuals will be matched to…