The AAT has held that an individual was not a person who was entitled to apply for review of reviewable objection decisions made by the Commissioner. The Tribunal also refused the individual’s request to extend the time within which to lodge an application for review of the objection decisions. The individual, in his own name…
Mr Hockey said: ‘The [relevant] integrity measures were in relation to what is emerging as an OECD consensus, that GST should be charged at the source [of the payment for the service], so a company providing intangible services into Australia, such as media services or so on, wherever they are located they should charge GST…
The ATO on Wed 29.4.2015 released Taxation Statistics 2012-13 which present an overview of 2013 income tax returns for individuals, companies, superannuation funds, partnerships and trusts. The statistics also cover other aspects of the taxation system such as GST, FBT and excise, along with the superannuation system, in relation to the 2013-14 financial year. Highlights from…
PAYG Instalments – Your clients can generally choose between two options for reporting and paying their pay as you go (PAYG) instalment obligations for the income year. They can either: pay the pre-printed instalment amount, or calculate their PAYG instalment using the rate option. In Quarter 1, if an activity statement due date has passed…
On a trust return, when a death benefit employment termination payment (ETP) and/or a superannuation lump sum is paid to a client’s deceased estate: do not record these amounts as distributed to beneficiaries of the trust; include the assessable amounts at item 54 Statement of distribution at ‘Income to which no beneficiary is presently entitled’.…
The ATO is considering its position on the recent transactions of some public companies involving franked distributions (by way of special dividends or otherwise) which are funded by equity raisings. We have some concerns about these types of arrangements and a taxpayer alert will be available soon. [ATO website] [LTN 73, 20/4/15]
The ATO has released details of its approach to wealthy individuals and their private groups. The ATO says it was taking a “prevention-before-correction approach and ramping up face-to-face engagement with key taxpayers”. Acting Second Commissioner Michael Cranston said most wealthy individuals and their private groups do the right thing; however, some choose to avoid tax,…
Overview – This Taxpayer Alert describes arrangements where a private company with accumulated profits channels franked dividends to a self-managed superannuation fund (SMSF) instead of to the company’s original shareholders. As a result, the original shareholders escape tax on the dividends and the original shareholders or individuals associated with the original shareholders benefit as members…
The ATO, on Fri 17.4.2015, issued ATO ID 2015/9 (Superannuation Guarantee Scheme: attributed personal services income). The ID deals with the following question: Does attributed personal services income attract superannuation guarantee (SG) obligations on the part of the relevant personal services entity? The ID says no, except for actual salary or wages that are paid…
Treasury has published on its website the information released under FOI in relation to the Red Book (a brief prepared by Treasury for the returned Labor Government). Treasury says the Government is starting its 2nd term with an economy that is “performing strongly and approaching full employment”, but warns that it is not delivering in…