Pursuant to s 140-20 of the Higher Education Support Act 2003, 1.026 is the indexation factor to be used in working out accumulated HELP debts for the 2013-14 financial year. The effective percentage increase is 2.6%. Pursuant to s 12ZF(7A) of the Student Assistance Act 1973, 1.026 is also the indexation factor that is applicable in working…
The Tax Commissioner has released a “refreshed” version of Large business and tax compliance booklet. Mr Jordan said the publication “seeks to provide a tangible demonstration of [the ATO’s] commitment to transparency and accountability”. He said he was also “pleased to see the mutual expectations outlined in the LBTC publication are already being used to guide…
The ATO on Wed 14.5.2014, released: Class Ruling CR 2014/43 (Goodman Group: Tax Exempt Employee Share Plan). It applies from 1 July 2012. Broadly, the Ruling states that the securities acquired by participants in the tax exempt employee share plan are ESS interests as defined under s 83A-10(1) of the ITAA 1997. [LTN 91, 14/5/14]
The ATO on Wed 7.5.2014, issued the following Class Rulings: CR 2014/41: Aviva Corporation Limited: return of capital. It applies from 1 July 2013 to 30 June 2014. Broadly, the Ruling states that the return of capital to shareholders is not a dividend as defined in s 6(1) of the ITAA 1936. CR 2014/42: Scrip-for-scrip: exchange of shares in Envestra…
This Determination, issued on Wed 28.5.2014, outlines the accounting principles that need to be followed in order for a financial report to satisfy Div 230 of the ITAA 1997 (Taxation of Financial Arrangements or ‘TOFA’ provisions). It states that a financial report must be prepared in accordance with those accounting standards and authoritative pronouncements of the…
The ATO on Wed 14.5.2014, released Taxation Determination TD 2014/11. It specifies that, for the purposes of s 39A of the FBTAA, the car-parking threshold for the FBT year that commenced on 1 April 2014 is $8.26 (up from $8.03 that applied in the previous year). [LTN 91, 14/5/14]
This Ruling, issued on Wed 28.5.2014, clarifies the circumstances in which the ships and aircraft article of Australia’s tax treaties allocates Australia a right to tax amounts falling within s 129 of the ITAA 1936. It applies to treaty partner residents who carry on an enterprise and derive s 129 income in respect of carriage of passengers,…
The ATO has released a Decision Impact Statement on the AAT decision in AAT Case [2013] AATA 891, Re Swanbat Pty Ltd and FCT. In that case, the AAT had set aside the Commissioner’s amended assessment in relation to a BAS for the period 1 April 2008 to 30 June 2008 and held that the taxpayer’s net amount for…
The ATO on Wed 7.5.2014, issued a Decision Impact Statement on the Full Federal Court’s decision in FCT v Ludekens [2013] FCAFC 100. The Full Court had unanimously allowed the Commissioner’s appeal and held that 2 persons were “scheme promoters” in terms of Div 290 of the TAA and therefore were liable for civil penalties. The…
The ATO on Fri 2.5.2014, issued a Decision Impact Statement on the Full Federal Court’s decision in Rigoli v FCT [2014] FCAFC 29. In that decision, the Court dismissed the taxpayer’s appeal concerning default assessments that had been issued to him under s 167 of the ITAA 1936 for the 1994 to 2001 income years. The…