On 4 July 2018, Ministers O’Dwyer and Taylor jointly announced that representatives from the Australian Taxation Office (ATO) and Australian Criminal Intelligence Commission (ACIC) were in Montreal the previous week, to sign up to the Joint Chiefs of Global Tax Enforcement alliance (known as the J5). As well as Australia, membership of the J5 includes…
On Wednesday 4 July 2018, the ATO issued the following two Class Rulings: CR 2018/30 – IFM Infrastructure Funds: restructure. This ruling considers the CGT consequences of the issue of units under a restructure arrangement. Date of effect: 1 July 2018 to 30 June 2019; and CR 2018/31 – Sale of Westfield Group stapled securities to Unibail-Rodamco SE: CGT…
On Wednesday 4.7.2018, the ATO issued Taxation Determination TD 2018/12 on the meaning of “directly in connection with” in s 177DA(1)(a)(ii) of the ITAA 1936, which is part of the Multinational Anti-Avoidance Law (MAAL) for significant global entities, in s177DA. This Determination finalises TD 2018/D1 and contains the same views as the draft. The phrase ruled on,…
On 3 July 2018, the OECD released a discussion draft on financial transactions, which deals with follow-up work in relation to Actions 8-10 (“Assure that transfer pricing outcomes are in line with value creation“) of the BEPS Action Plan. The 2015 report on BEPS Actions 8-10 mandated follow-up work on the transfer pricing aspects of…
The OECD has launched a new database providing detailed and comparable tax revenue information for 80 countries around the world – and which will expand to cover more than 90 countries by the end of 2018. The Global Revenue Statistics Database provides what it says is the largest public source of comparable tax revenue data…
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…
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…
Article appearing in the 4/7/18 KPMG ‘Daily Tax News’ Amongst the changing governance landscape with respect to directors’ duties and liabilities, it is important to remember that the general duties of directors are owed to the company for which they are a director. The Australian Securities Exchange (ASX) consultation process currently underway to update the…
The last Parliamentary Winter sittings were held in the last week of June 2018, and there are quite a few significant tax bills still before Parliament that are on hold until Parliament resumes again on 13 August. Corporate Tax Cuts – the remaining ‘tranche’: The most significant is the bill related to company tax rate…
ATO advice to Professional Firms Working Group as of 28 June 2018 Thank you for your continued input and participation as a member of the Professional Firms Working Group. Your suggestions continue to provide valuable insights which provide a richer understanding of the issues and have assisted in enabling us to progress the review of…