Daily Archives: September 9, 2018

PCG 2018/D7 – GST: Draft defacto ‘safe-harbour’ guidance for ‘Australian Inbound Tour Operators’ to self assess GST as either an ‘agent’ or as a ‘principal’ (as the results are radically different)

On Thur 23.8.2018, the ATO issued Draft Practical Compliance Guideline PCG 2018/D7, proposing an administrative ‘safe harbour’, for Australian in-bound’ Tour Operators, who must decide whether they operate has an agent or as principal, when self-assessing their GST. The defacto ‘safe harbour’ is created by the Commissioner giving guidance about when he will NOT apply…

Treasury Laws Amendment (Enterprise Tax Plan Base Rate Entities) Bill 2018 now law – lower tax rate (currently 27.5%) available to all companies under the turnover threshold unless they have at least 80% passive income (as defined)

The Treasury Laws Amendment (Enterprise Tax Plan Base Rate Entities) Bill 2017  began a long passage to become law, when it was introduced into the Lower House on 18.10.2017, passed the Lower House on 8.2.2018 (as a 2018 Bill), passed the Senate on 23.8.2018 and received Royal Assent, as Act No. 94 of 2018, on 31.8.2018.…

Board of Tax – August 2018 CEO Update of Adelaide Meeting – small business tax concessions; FBT compliance costs; residency rules for individuals; Tax Transparency developments; Sounding Board – ‘policy lite’, revenue neutral gains

On 22 August 2018, the CEO of the Board of Taxation, Karen Payne, released her latest CEO update covering the Board’s recent meeting in Adelaide. The Board discussed the scope and direction of its current work program, including the following. A review of small business tax concessions. To date, the key themes emerging from the…

Gift Deductible Recipients (DGRs) – those not already registered with the ACNC will be required to do so by 1 July 2019 & certain ‘public fund’ requirements will be abolished (consultation paper released)

Whilst still Minister for Revenue and Financial Services, Kelly O’Dwyer announced the Government was taking action to deliver its package of reforms (announced 5.12.17) for the administration and oversight of organisations with Deductible Gift Recipient (DGR) status – broadly by requiring them to all register with the Australian Charities and Not-for-profits Commission (ACNC). Treasury released a…