Collection models for GST on low value imports – Productivity Commissioner report released saying the recently legislated model has limitations and may not work but see how it goes over the next 5 years

Tax Month - November 2017

Parliament recently legislated to apply GST to low value imported goods from July 2018, using a streamlined collection model that places the responsibility for assessing, collecting and remitting the tax on foreign suppliers. The Productivity Commission has now released a report designed to check that the legislated model is the best available collection model to extend GST…

ATO finalises its position in relation to SMSF event-based reporting – annually in respect of members with less than $1m transfer balance account balances and quarterly for others

Tax Month - November 2017

The $1.6m transfer balance cap legislation, carries with it an obligation on trustees to submit a ‘Transfer Balance Account Report’ (TBAR) to the ATO about events that impact a member’s transfer balance accounts. This is under s390-5 of the TAA1 and the relevant determination made under that section. (See also Div 294 of the ITAA97 regarding ‘Transfer balance…