The ATO is seeking feedback on experiences in relation to garnishees and freezing orders. In particular, it would like responses to the following questions: What are your observations about the impact of our use of garnishees or freezing orders in relation to uncollected debt? Do you have any examples of where our use of either…
The tax laws authorise the ATO to impose administrative penalties for conduct such as not taking reasonable care in claiming a deduction to which a taxpayer is not entitled or making a false or misleading statement. The ATO says taxpayers dissatisfied with a penalty can generally ask the ATO to reduce or cancel it. The…
The Commissioner made the Taxation Administration (Remedial Power – Foreign Resident Capital Gains Withholding) Determination 2017 on 31.7.17 and it was registered on on the Federal Register of Legislative Instruments on Fri 4.8.2017. The Determination was made under the Commissioner’s new power to ‘remedy’ legislation (change it) by legislative instrument. This power was inserted into the law in…
On 2.8.2017, the Minister for Revenue announced the release of the following two documents by the ‘Black Economy Taskforce’ (headed by Mr Michael Andrews): Its interim report (see table of contents below). A consultation document containing a list of 54 ideas. These ideas are not recommendations but the product of the Taskforce’s extensive ‘roadshow’ consultation…
On Wed 2.8.2017, the ATO issued 5 Class Rulings: CR 2017/47 – South32 Illawarra Coal Holdings Pty Ltd Retirement Scheme 2017. The ATO accepts that the scheme is an early retirement scheme for the purposes of s 83-180 of the ITAA 1997. The ruling applies from 2 August 2017 to 30 April 2018; CR 2017/48 – CGT roll-over: exchange of…
01/08/2017 – The Platform for Collaboration on Tax – the OECD announced a joint initiative of the IMF, OECD, UN and World Bank Group to issue a draft toolkit designed to help developing countries tackle the complexities of taxing offshore indirect transfers of assets, a practice by which some multinational corporations try to minimise their…
The ATO has released guidance for taxpayers who held a life insurance policy with The National Mutual Life Association of Australasia Limited (NMLA) and it was transferred to AMP Life Limited (AMPL) on 1 January 2017 under a Federal Court approved transfer. The ATO says taxpayers do not need to include any amount in my tax return…
The ‘Diverted Profits Tax’ (DPT) legislation received Royal Assent on 4 April 2017, with Schedule 1 to the Treasury Laws Amendment (Combating Multinational Tax Avoidance) Act 2017 implementing the DPT and the Diverted Profits Tax Act 2017 setting the 40% tax on profits. The DPT law applies to DPT tax benefits arising in an income year…
The Productivity Commission has released a Discussion Paper on Collection Models for GST on Low Value Imported Goods – to assist with its inquiry on this subject – commissioned by the Treasurer on 30 June 2017. The Commission is to report by 31 October 2017 and it has requested submissions from the public by 30…
On Fri 21.7.2017, Treasury released a draft of the Treasury Laws Amendment (Reducing Pressure on Housing Affordability) Bill 2017 to implement two of the 2017-18 Budget measures related to housing affordability – being two that had to do with superannuation. Treasury also released draft legislation for other measures designed to reduce pressure on housing affordability recently (see related…