TR 2018/D1 – draft ruling on the meaning of the phrase “in Australia” requirements for the Div 30 ‘Deductible Gift Recipients (DGR); Div 50 ‘tax exemption’ provisions for charities etc. and Div 207 Franking Credit refunds

Tax Month - July 2018

On Wed 4.7.2018, the ATO issued Draft Taxation Ruling TR 2018/D1 setting out the Commissioner’s view on the meaning of the “in Australia” condition for Div 30 DGR status and Div 50 income tax exemption of charities and non-profits. He seeks comments by This is a fraught area, as the ‘in Australia’ requirement was obviously meant…

Individuals’ tax gap analysis for 2014 & 2015 years released – $8.7b v’s $2.5b for corporates (but 6.4% of total v’s 5.5%) – more agent prepared returns adjusted (wake up call)

Tax Month - June 2018

On Thursday 12 July 2018, the Commissioner released his income tax ‘gap analysis’ of gap between the tax individuals (not in business) ought to have paid, had they been fully compliant and the tax they actually paid. The head line is that the ‘gap’ is bigger than the corporate sector, but there is more to…