On 20 July, Treasury released an exposure draft for consultation which will extend the Significant Global Entity (SGE) definition and, amongst other things, align Australia’s Country-by-Country (CbC) reporting framework with the OECD model requirements [see related TT Article]. This measure was announced in the Federal Government’s Budget earlier this year and consultation remains open until…
On Monday Mon 23.7.2018, Treasury released exposure draft legislation, to further expand the taxable payment reporting system (Reporting System), which is in Div 396 of the TAA 1953. This measure was previously announced in the 2018-19 Budget as part of other measures aimed at tackling the black economy. The ‘Black Economy Taskforce’s Interim Report,it recommended that…
On Monday 23.7.18, Treasury released an exposure draft legislation to remove tax deductibility of certain payments – including payment of wages and payments to contractors – if the entity making the payment fails to comply with its obligations to withhold and report information to the ATO. This proposal is part of a number of measures…
So you want to be a philanthropist? The very word often conjures up a vision of multi-million dollar bank accounts, high net worth individuals and mega corporations. However, this doesn’t have to be the case. Many smaller organisations want to make a difference and engage with the community and there are sound financial benefits in…
On Friday 20 July 2018, Treasury released a consultation paper for comment on the 2018-19 Budget measure to strengthen and modernise the Australian Business Number (ABN) system. This measure implements a recommendation of the final report of the Black Economy Taskforce, that the ABN system be strengthened to provide improved confidence in the identity and…
On Friday 20 July 2018, Treasury released draft legislation to ensure offshore sellers of hotel accommodation in Australia calculate their GST turnover in the same way as local sellers from 1 July 2019. By doing so, the Government proposes to amend the GST Act by requiring offshore suppliers of rights or options to use commercial accommodation in…
Treasury has released details of the policy principles that will be used regarding the start date and transitional period of the 2018-19 Federal Budget thin cap changes. In the 2018-19 Federal Budget, the Government announced that it will tighten Australia’s thin capitalisation rules by requiring entities to align the value of their assets for thin…
NSW Civil and Administrative Tribunal (Tribunal) held that a company was liable, to pay NSW land tax, as an agreement, with the land owner was, in law, a lease. The facts were as follows. Australia Avenue Developments Pty Ltd (Developer) entered into a Project Development Agreement (Development Agreement) with the Sydney Olympic Park Authority (Authority)…
On Tuesday 7 August 2018, Treasury released draft legislation setting out the conditions stapled entities must comply with to access the infrastructure concession and/or transitional arrangements for its proposed changes to the tax treatment of stapled structures. These are the integrity measures that were not ready to be released in first exposure draft of the…
The Federal Court has found that most of the 23 documents obtained by the ATO, in the course of conducting an audit of the taxpayer, and associated entities, were protected by legal professional privilege (LPP). The documents were original emails, forwarding chains of emails and attachments. The matters to which the documents related included a…