The ATO has released tailored advice to help those in the NFP sector understand if they have obligations under the Common Reporting Standard (CRS). The CRS is the single global standard for the collection, reporting and exchange of financial account information on foreign tax residents. The implementation of the CRS commenced in Australia on 1 July 2017.…
The ATO says companies can now start lodging with it their Country-by-Country (CbC) reporting statements – that is: the CbC report, master file and local file). The ATO warns it can only accept electronic lodgements using one of the following channels: Business Portal using file transfer; Tax Agent Portal using file transfer; Standard Business Reporting…
The ATO has announced it is investigating recent reports of 2 tax agents whose clients are reporting the receipt of an unexpected ATO refund into their bank account. It said there is no information to suggest ATO systems have been compromised. The impacted agents proactively contacted the ATO and the ATO says it is working…
On Friday 21.7.17, the Minister for Revenue announced the appointment of Mr Peter de Cure and Ms Ria Sotiropoulos, and the reappointment of Ms Julie-Anne Berry, as part-time members to the Tax Practitioners Board (TPB), each for a 3-year period. Mr de Cure has experience in taxation matters developed over a 25-year career with KPMG. Ms Berry…
On Fri 21.7.2017, APRA released a final Prudential Practice Guide on successor fund transfers and wind-ups (SPG 227) for RSE licensees that may be considering a merger or wind-up. APRA Deputy Chairman, Helen Rowell, said that consolidation in the superannuation industry is expected to continue. To this end, SPG 227 can assist RSE licensees when reviewing their…
Following media reports and enquiries from practitioners, the Tax Practitioners Board (TPB) has issued a statement to clarify the role of the TPB in the recognition of professional associations. Board Acting Chair Greg Lewis said the TPB accredits a number of recognised professional associations and by doing so provides their voting members an additional avenue to…
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…