The ATO has provided what it calls an early engagement process whereby large businesses can meet with the ATO prior to them making a decision to lodge and amendment or objection request against an income tax assessment. The ATO says this new approach is available for corrections or changes to Large Business Income Tax returns…
The ATO has announced that it is reviewing arrangements involving accountants, lawyers and other professionals operating through partnerships of discretionary trusts. It has issued Taxpayer Alert 2013/3 that describes arrangements where an individual purports to make the trustee of a discretionary trust a partner in a firm of accountants, lawyers or other professionals, but fails…
The ATO has released an updated version of its Code of settlement practice. It provides guidance for ATO staff on the settlement of taxation disputes in relation to all taxpayers, and where settlement could be considered. The Code has been updated to, among other things, recreate several tables, replace broken links, and repair formatting. The…
The ATO on Thur 7.11.2013, released Practice Statement Law Administration PS LA 2013/6 to outline the ATO’s policy in relation to indirect tax sharing arrangements for the collection from GST groups and joint ventures, and other entities. The PS LA states that a group liability (including joint ventures and other entities) will be recorded on…
The ATO on Thur 7.11.2013, released Practice Statement Law Administration PS LA 2013/5 to outline the ATO’s policy in relation to the collection of group tax liabilities from head companies of consolidated groups, member entities and entities that have left the group. The PS LA also deals with tax sharing arrangements and requirements for an…
The ATO on Wed 27.11.2013, issued the following Class Rulings: CR 2013/91: Treatment of transfer payments to employees of Macquarie Generation following the sale of business to a private sector entity. It applies from Wed 27.11.2013 to 30 June 2014. The Ruling states that the proposed transfer payment made in accordance with the scheme described in the…
The ATO on Wed 20.11.2013, issued Product Ruling PR 2013/21 (Macquarie Almond Investment 2008 – Early Growers (to 15 June 2008)). The Ruling applies to Growers that enter into the scheme as described in the Ruling on or after 12 March 2008 and on or before 15 June 2008. The Ruling states that the Commissioner will exercise his discretion for the 2012-13…
The ATO on Wed 13.11.2013, released the following Class Rulings: CR 2013/85: FBT: clients of YourCarLog Pty Ltd who use the YourCarLog.com Logbook Report. It applies from 1 April 2013. Broadly, the Ruling outlines the conditions under which the logbook report will enable the logbook method under Subdiv 28-F of the ITAA 1997 to be used. It…
The ATO, on Wed 6.11.2013, issued the following Class Rulings: Class Ruling CR 2013/78: FBT and income tax: employer contributions to the ReddiFund. According to the Ruling, the payment of a contribution to the ReddiFund by an employer pursuant to an “industrial instrument”, as that term is defined in s 136(1) of the FBTAA, will be…
This Draft Ruling, released on Wed 13.11.2013, outlines the tax effect under s 44 of the ITAA 1936 and Div 7A of Pt III of the ITAA 1936 of private companies paying money or transferring property in satisfaction of Family Court orders in matrimonial property proceedings under s 79 of the Family Law Act 1975. Broadly, the Draft…