Daily Archives: June 15, 2017

Treasury Laws Amendment (Accelerated Depreciation for Small Business Entities) Bill 2017 – 12 month extension of period for 100% depreciation deduction of $20,000 1st element or 2nd element asset cost amounts, in any one year – to 30 June 2018

The Treasury Laws Amendment (Accelerated Depreciation for Small Business Entities) Bill 2017 passed all stages without amendment and effectively await Royal Assent, after having been passed by the Senate 15.6.2017. The Bill amends the $20,000 accelerated depreciation rules, for 12 months to 30 June 2018 (s328-180 ITAA 1997 & s328-180 Transitional Act). Section 328-180 provides a 100%…

TD 2017/16 – Commissioner publishes the next indexed ‘CGT improvement threshold’ for the purposes of post-CGT improvements to pre-CGT land being a separate asset under s108-70 & s108-75

The ATO issued a Determination: TD 2017/16 on Wed 14.6.2017, advises that the CGT improvement threshold for the 2017-18 income year is $147,582 (up from $145,401 in 2016-17). The threshold is changed to take account of inflation. The improvement threshold is relevant to s 108-70 of the ITAA 1997, which treats an improvement to a pre-CGT asset,…

Country by Country (CbC) Reporting – EU Parliamentary Committee resolves that Big Multinationals (750m Euro plus global turnover) must PUBLICLY report tax affairs in each country – including countries outside the EU

The Economics and Legal Affairs Committees of the European Parliament on 12 June 2017 voted to make multinational companies, with an annual net turnover of €750 million and above, publicly report their activities, structures and tax payments on a country-by-country basis. The draft report was approved by 38 votes to 9 votes, with 36 abstentions. The result, if…

ATO’s review of private advice – offering early engagement like ‘big business’ and streamlined ruling application form

Deputy Commissioner Tim Dyce said the ATO has made a number of changes to our advice and guidance services that are designed to be responsive to community needs. Through the review of private advice we set out to learn all we could about our private advice services – and then went about making changes to improve…

Privately owned and wealthy groups – the ATO lists the features that attract its audit and investigation interest

Many advisers might have some idea what attracts the ATO’s attention to privately owned and wealthy groups, but now it has uploaded its own list of features on its, website, which comprise the following behaviours and characteristics may attract its attention: tax or economic performance is not comparable to similar businesses; low transparency of tax affairs; large,…

Treasury Laws Amendment (GST Low Value Goods) Bill 2017 – Bill to impose Australian GST on foreign vendors of sub-$1,000 goods passes Lower House but Labor flags amendments to delay its introduction 1 year whilst the Productivity Commission investigates other methods of levelling the GST playing field

On Wed 14.6.17, the Treasury Laws Amendment (GST Low Value Goods) Bill 2017  passed by the House of Reps without amendment and now moves to the Senate. The Bill proposes to impose GST on supplies of imported low-value goods, ie those worth less than A$1,000. On the same day, the Labor Party flagged it will…