Tax planning toolkit for 30 June 2018 (Pitcher Partners By – Alexis Kokkinos – June 12, 2018) The 30 June 2018 year-end is fast approaching. To assist with your year-end tax planning, Pitcher Partners has prepared a comprehensive year-end tax planning toolkit. The 60+ page booklet is a checklist of over 200 year-end tax planning considerations for…
On Wed 13.6.2018, the ATO issued Draft Taxation Determination TD 2018/D2 on what constitutes a “use” (and potentially first use) of a mining, quarrying or prospecting right. An outright deduction is available for the cost of such a right if the requirements in s40-80(1) ITAA97 are satisfied. A key requirement is that the first use…
On 12 June 2018, the Queensland Treasurer, Jackie Trad, delivered the 2018-19 Queensland State Budget. The Queensland Government has described this Budget as a budget for creating jobs and delivering infrastructure for the fastest growing population in Australia. Further, in the spirit of the jobs economy, the Queensland Government has committed to extending: the 50 percent…
On 1 May 2018, the Victorian Treasurer introduced the State Taxation Acts Amendment Bill 2018 into Parliament. Amongst other proposed amendments, there are some noteworthy changes to the Duties Act 2000 (Vic). The Bill passed all stages on 5 June 2018 and received Royal Assent 8 days later on 13 June 2018. The Royal Assent…
The ATO has released the ‘General Interest Charge’ (GIC) and Shortfall Interest Charge (SIC) percentages for the first quarter of 2018-19, ie July to September 2018: GIC annual rate – 8.96% GIC daily rate – 0.02454794% SIC annual rate – 4.96% SIC daily rate – 0.01358904% FJM 12.6.18 [ATO website: GIC, SIC; LTN 106, 5/6/18; Tax Month – June…
The Taxation Administration – Single Touch Payroll – Exemption for Employers Having a Seasonal Workforce was registered on Tue 5.6.2018. Made under s 389-10(1) of Sch 1 to the TAA, it provides for the ATO to exempt employers with a seasonal workforce from reporting under STP if they have 20 or more employees on 1 April in any year,…
In the 8 May 2018 Federal Budget, the Government announced it would broaden the definition of ‘Significant Global Entity’ (SGE). The $1b turnover threshold will remain the same, but it will no longer be just a group headed by a public company or a private company required to provide consolidated financial statements. Subject to being legislated,…
On 30 May 2018, the Governor General registered the Treasury Laws Amendment (2018 Measures No 1) Commencement Proclamation 2018, proclaiming 1 July 2018 as the day on which Sch 4 to the Treasury Laws Amendment (2018 Measures No 1) Act 2018 commences. Schedule 4 transfers the regulator role, for early release of superannuation benefits, on compassionate grounds,(under SIS…
On 29 May 2018, the Australian Government Actuary registered the Family Law (Superannuation) (Interest Rate for Adjustment Period) Determination 2018, on the Federal Register of Legislation. This Determination provides: The interest rate for adjusting entitlements under certain orders or agreements made under the Family Law Act 1975 (Act) and for splitting future superannuation benefits for the adjustment…
The AAT has affirmed the ATO’s decision, not to grant a taxpayer an extension of time, to object against amended assessments, for the 2000 income year, as the taxpayer was precluded, from objecting, by reason of having entered into a settlement deed, with the ATO. The taxpayer claimed deductions, for management fees, incurred by his…