The ATO and the Australian Federal Police (AFP) have announced that as part of Project Wickenby, 3 men have been charged with tax and money laundering offences relating to the transfer of $30m into Australia. All 3 men were to appear before the Sydney Central Local Court on Wed 16.10.2013. A 65-year-old Chatswood man and…
The ATO has warned taxpayers against trading shares on a Special Market operated by the ASX with the sole purpose of obtaining additional franking credits. It says the Special Market operated by the ASX was established to facilitate options trading and the dividend washing trading strategy attempts to take advantage of a company’s shares being…
The ATO has amended Practice Statement Law Administration PS LA 2011/13 (Cross border recovery of taxation debts). The amendments update the content to take into account Australia’s entry into the Multilateral Convention on Mutual Administrative Assistance in Tax Matters (as amended by the 2010 Protocol). The amendments also include other minor changes to meet style…
The ATO on Thur 10.10.2013, released Practice Statement Law Administration PS LA 2013/4 to provide guidance to ATO personnel participating in tax law design, particularly in relation to how the draft law might operate once its enacted. Broadly, it states tax law design involves consultation with business and community representatives as well as collaboration with…
The ATO, on Wed 30.10.2013, issued Class Ruling CR 2013/77 (FBT: rewards received by an employee under the LM High Flyers incentive program). The Ruling applies to employers, appointed under an agreement with Toyota Motor Corporation Australia Limited to be authorised dealers, who enable employees to participate in the LM High Flyers incentive program (the…
The ATO on Wed 23.10.2013, issued Class Ruling CR 2013/76 (Early retirement scheme – Victorian WorkCover Authority). According to the Ruling, the early retirement scheme to be implemented by the Victorian WorkCover Authority is an early retirement scheme for the purposes of s 83-180 of the ITAA 1997. It applies from Wed 23.10.2013 to 30 June 2014. [LTN…
The ATO on Wed 23.10.2013, issued the following Product Rulings: PR 2013/17 (AgriWealth 2014 Softwood Timber Project). According to this Ruling, a Grower can claim deductions for specified amounts (eg establishment services fees, etc) when they are paid to the Manager. It applies prospectively from Wed 23.10.2013, the date it was published. PR 2013/18 (Macquarie…
The ATO on Wed 16.10.2013, issued Class Ruling CR 2013/75 (The Imperial Tobacco Australia Limited Voluntary Early Retirement Scheme (VRS)). It applies from Wed 16.10.2013 to 28 February 2014. Broadly, the Ruling states that the early retirement scheme to be implemented is an early retirement scheme for the purposes of s 83-180 of the ITAA 1997. [LTN 200,…
The ATO on Wed 9.10.2013, issued Class Ruling CR 2013/74 (Early retirement scheme for Griffith University). It applies from Wed 9.10.2013, to 31 December 2013. Broadly, the Ruling states that the early retirement scheme to be implemented is an early retirement scheme for the purposes of s 83-180 of the ITAA 1997. [LTN 195, 9/10/13]
This TD, released on Wed 23.10.2013, says that a consolidated special purpose financial report of a head company of a tax consolidated group cannot satisfy clause 1.1 of Sch 2 to the Income Tax Assessment Regulations 1997 where transactions within the same category are translated using inconsistent methodologies. Clause 1.1 of Sch 2 to the Regulations allows…