The A New Tax System (Goods and Services Tax) Amendment Regulation 2012 (No 4) was Mon 3.9.2012, registered on the Federal Register of Legislative Instruments. It amends the GST regs to expand the definition of “credit union” to also include those that were listed by APRA as a credit union at 1 July 2011, and…
The Government on Fri 14.9.2012, announced the appointment of Mr Geoff Leeper as a full-time ATO Second Commissioner for a 7-year period. Mr Leeper starts his appointment early next month and replaces Mr David Butler who had resigned from his position earlier this year. Mr Leeper is currently Deputy Secretary at the Department of Regional…
The Commissioner has announced that the ATO had successfully prosecuted around 2,000 individuals and companies for fraud, tax and super offences in the 2011-12 financial year. Of the individuals and companies prosecuted, Mr D’Ascenzo said: 39 individuals were prosecuted for offences including attempting to hide income and assets overseas, and individuals using stolen identities to…
The Tax Office has advised that the General Interest Charge (GIC) and Shortfall Interest Charge (SIC) rates for the 2nd quarter of the 2012-13 financial year (ie 1 October 2012 – 31 December 2012) are as follows: GIC annual rate is 10.62%; GIC daily compounding rate is 0.02901639%; SIC annual rate is 6.62%; SIC daily…
The ATO Wed 19.9.2012 issued Class Ruling CR 2012/80 (Selective Capital Reduction: Mesbon China Nylon Limited). It applies to shareholders of Mesbon China Nylon Limited (Mesbon) who participate in the selective capital reduction as described in the Ruling. According to the Ruling, the selective capital reduction will not be treated as a buy-back for the…
The ATO on Wed 5.9.2012, released the following Class Rulings: : Talent2 International Limited Scheme of Arrangement and payment of CR 2012/66Proposed Special Dividend. It applies from 1 July 2012 to 30 June 2013. Among other things, the Ruling states that a resident shareholder who receives a special dividend is required to include the dividend…
This Draft TD, issued Wed 19.9.2012, concerns a receiver who disposes of a CGT asset as the agent for a debtor and any resultant obligations under s 254 of the ITAA 1936. In particular, the Draft TD deals with the question of whether the receiver has an obligation under s 254 to retain from the…
This Draft TD, issued Wed 19.9.2012, concerns s 254 of the ITAA 1936 relating to agents and trustees. In particular, the Draft TD deals with the question of whether income tax must have been assessed before an agent or trustee has an obligation under s 254 to retain sufficient money to pay tax, which is…
This Determination, released on Wed 12.9.2012, provides an update of the amounts the Commissioner will accept for 2011-12, as estimates of the value of goods taken from trading stock for private use by taxpayers in certain specified industries. The amounts (which exclude GST) are: Type of Business Adult/Child over 16 years ($) Child 4-16…
The ATO has issued Decision Impact Statements on the following cases: Re Atlantis Holdings Pty Limited in its capacity as trustee of the Bruce James Lyon Family Trust [2012] NSWSC 112 – in this case, the applicant (the trustee) sought judicial advice under s 63 of the Trustee Act 1925 (NSW) concerning certain beneficiary matters.…