*Treasury Legislation (Repeal Day) Day Bill 2014 passed by Senate – payslip reporting; evidence powers; repeal; regs into Act; definition of Australia [3]

Tax Month - February 2015

The Treasury Legislation Amendment (Repeal Day) Bill 2014 has been passed by the Senate without amendment including the following matters. Payslip reporting The Treasury Legislation Amendment (Repeal Day) Bill 2014 (the ‘Bill’) amends the Superannuation Industry (Supervision) Act 1993 (‘SISA’) to repeal the payslip reporting provisions. The payslip reporting provisions in SISA require employers to…

Developing country relief funds declared and revoked [2]

Tax Month - February 2015

The Assistant Treasurer has gazetted a notice declaring, under s 30-85(2) of the ITAA 1997, that the following funds are developing country relief funds: Kyeema Foundation Developing Country Relief Fund; Microloan Foundation Relief Fund; Network Kokoda Overseas Development Fund; JSF Public Fund; Adara Overseas Development Aid Fund; The International Children’s Care (Australia) Relief Fund; Be Kids Australia…

*Taxation Laws Amendment (Research and Development Bill 2013 –amendments to replace $20b turnover limit with R&D cap for incentives [1]

Tax Month - February 2015

Senate amendments The Tax Laws Amendment (Research and Development) Bill 2013 was passed late [on] Tue 10.2.2015 by the Senate with 2 amendments moved by the Palmer Unites Party (PUP). Those amendments provide for a reduced tax offset for expenditure above id=”mce_marker”00m. The amendments introduce a cap of id=”mce_marker”00m on the amount of R&D expenditure…

FCT v Rawson Finances Pty Ltd (No 4) – order made to send “letter of request” to Israeli judicial authorities to examine persons with knowledge of the alleged ‘back to back’ loans of the Binetter family companies

Tax Month - December 2016

In a long-running Wickenby matter, the Federal Court has granted the Commissioner’s interlocutory application to send a “letter of request” to the judicial authorities of Israel to take evidence from several managers of an Israeli bank in his attempt to set aside the decision of the Full Federal Court in Rawson Finances Pty Ltd v FCT…

Doutch v FCT – CGT: small business CGT concession for $11m capital gain depended on an associated drilling company having less than $2m turnover, which turned on whether $55k in ‘fuel disbursement receipts’ were included

Tax Month - December 2016

The Full Federal Court has unanimously dismissed the taxpayer’s appeal from the decision in Re PFGG and FCT [2015] AATA 972 and confirmed that fuel disbursement receipts he received were ordinary income that he derived “in the ordinary course of carrying” on his mining business. As a result, the taxpayer failed to meet the “small…

TDP 2016/1 – ATO’s discussion paper on the role of ‘electronic distribution platforms’ (EDP’s) for the GST treatment of digital supplies to, and sub-$1,000 imports by ‘Australian consumers’

Tax Articles

Table of Contents Para Introduction 1 Differences from European Union (EU) approach 3 Low value goods 5 Legislative references 8 Purpose 9 Overview of the law 10 Step 1 Definition of EDP 11 Consultation Question 1 11 Consultation Question 2 15 Consultation Question 3 18 Step 2 The operator of the EDP must be making…

TDP 2016/1 – ‘electronic distribution platforms’ (EDP’s)– ATO issues a discussion paper on treatment in new GST legislation (digital supplies to Australian consumers and sub-$1k imports of goods

Tax Month - December 2016

The purpose of issuing this consultation paper was seek input on the advice and guidance products operators of EDP’s and other might need to comply with the legislation. The ATO is seeking input to highlight areas that are unclear, cause difficulties in understanding or areas where there are practical compliance issues. Digital supplies to Australian…

Foreign resident capital gains withholding – ATO advises of ‘clearance certificates’ online and provides links to relevant forms – with a background on the detailed operation of the whole regime

Tax Month - December 2016

New rules apply to vendors disposing of certain taxable Australian property under contracts entered into from 1 July 2016. A 10% non-final withholding will be applied to these transactions at settlement. Australian resident vendors selling real property will need to obtain a clearance certificate from us prior to settlement, to ensure they don’t incur the 10%…

Foreign resident capital gains withholding – the ATO explains the regime in detail; explains the ‘clearance certificate’ and ‘vendor declarations’ requirements and provides relevant links to forms, legislative instruments, other guidance material and the relevant legislation

Tax Articles

New rules apply to vendors disposing of certain taxable Australian property under contracts entered into from 1 July 2016. A 10% non-final withholding will be applied to these transactions at settlement. Australian resident vendors selling real property will need to obtain a clearance certificate from us prior to settlement, to ensure they don’t incur the 10% non-final…