The ATO has reminded tax practitioners that the net medical expenses tax offset (NMETO) is being phased out. To be eligible for the NMETO for 2014-15, individual taxpayers must have received an amount of the tax offset in both of their 2012-13 and 2013-14 income tax assessments. The ATO says that if the taxpayer’s 2012-13…
The ATO has announced it is leading 2 taskforces to combat expanding threats from phoenix businesses and the misuse of trust structures. Speaking about the newly prescribed Phoenix and Trust Taskforces, Acting Deputy Commissioner Will Day said that agencies now have extended information-sharing powers. He said recent figures show that phoenix activity costs the Australian…
The ATO is seeking comments on a draft list of effective lives for assets used in the survey and mapping services industry. It proposes to add the list of effective lives to the Commissioner’s schedule that will apply to new assets purchased and first used, or installed ready to use, on or after 1 July…
The ATO says registered agents who fail to meet their personal tax lodgment and payment obligations: are at risk of breaching the Code of Professional Conduct administered by the Tax Practitioners Board (TPB). Registered agents “have a higher risk setting” in the ATO’s lodgment compliance case selection and are “more likely to be selected” for…
The ATO has published the general interest charge (GIC) and shortfall interest charge (SIC) rates for the period from 1 April 2015 to 30 June 2015. The rates are as follows: the GIC rate is 9.36% the GIC daily compounding rate is 0.02564383% the SIC rate is 5.36%, and the SIC daily compounding rate is…
The ATO [on Wed 25.3.2015] issued the following Class Ruling and Product Ruling: CR 2015/23: National Australia Bank Limited – issue of NAB Capital Notes; and PR 2015/2: Tax consequences for a borrower being charged a discounted home loan interest calculated under Loan Reducer. [LTN 57, 25/3/15]
The ATO [on Wed 18.3.2015] released Class Ruling: CR 2015/22 – Australia and New Zealand Banking Group Limited – ANZ Capital Notes 3. [LTN 52, 18/3/15]
The ATO [on Wed 11.3.2015] released the following Class Rulings: CR 2015/20: Off market share buy-back – Intrepid Mines Limited; and CR 2015/21: Bonus share plan: Whitefield Limited. [LTN 47, 11/3/15]
The ATO [on Wed 4.3.2015] released the following Class Rulings: CR 2015/18: Off market share buy back: U&D Coal Limited; and CR 2015/19: Grants provided by the Australian Sports Commission under dAIS. [LTN 42, 4/3/15]
The ATO [on Wed 25.3.2015] released 5 Taxation Determinations dealing with FBT rates, thresholds, etc for the 2015-16 FBT year (ie the FBT year commencing on 1 April 2015). TD 2015/4: for the purposes of s 28 of the FBTAA the indexation factors for valuing non-remote housing are: NSW – 1.032; Vic – 1.020; Qld – 1.022; SA – 1.020; WA…