The GST Act and TAA now require even more non-residents to interact with the ATO, and it has created the ‘AUSid’ system as portal for these interactions. The ATO says AUSid is a simple and secure way for overseas limited registered entities that transact with Australia and are registered for GST to report and pay…
The House of Reps Standing Committee on Economics will hold an inquiry into the implications of removing refundable franking credits. Labor had proposed such a policy in an announcement in March 2018, which I covered in the following Tax Technical article. I have extracted the key aspects of this policy, below. So the inquiry clearly has the…
On 20.9.18, the Government introduced the Treasury Laws Amendment (Black Economy Taskforce Measures No 2) Bill 2018 in the House of Representatives and on 17 Oct 2018, it the Lower House and moved (the next day) to the Senate. The Bill proposes: to insert a new s26-105 into the ITAA 1997 that will deny an income tax…
On 20.9.2018, the Government introduced the Treasury Laws Amendment (2018 Measures No 5) Bill 2018 in the House of Reps It proposes the following amendments: AMIT technical amendments – would amend the TAA, ITAA 1997, ITAA 1936, and other Acts to make a number of technical refinements to the income tax law so that the new…
On 20.9.2018, the Government introduced the Treasury Laws Amendment (Making Sure Foreign Investors Pay Their Fair Share of Tax in Australia and Other Measures) Bill 2018 was introduced in the House of Reps. It proposes a number of changes: Non-concessional MIT income – amends the ITAA 1997, the ITAA 1936 and the TAA to improve…
On 20.0.2018, the Government introduced the Treasury Laws Amendment (Making Sure Multinationals Pay Their Fair Share of Tax in Australia and Other Measures) Bill 2018 was introduced in the House of Representatives. In the Schedules noted, it proposes various amendments, including the following. Online hotel bookings and GST [Schedule 5] – amendments would require offshore suppliers of…
T a x T e c h n i c a l – M o n t h l y N e w s – September 2018 Developments – This is a collection of developments in Australian tax law and practice that occurred in September 2018 which aims to be relevant to tax practitioners.[i] Compiled By F…
The AAT has rejected a taxpayer’s claim for input tax credits for the purported purchase of approximately 145kg of gold. The taxpayer claimed that in May and June 2014 it purchased, in 16 transactions, a total of approximately 145kg of gold from another company. The transactions allegedly took place in Sydney at the airport carpark, in hotels or at…
On Wed 29.8.2018, the ATO issued Class Ruling CR 2018/38 (Metcash Limited – Off-market share buy-back). This ruling considers the tax consequences for Metcash shareholders who dispose of their ordinary shares under an off-market share buy-back announced on 25 June 2018. The ATO treats the buy-back as an off-market purchase under Div 16K ITAA 1936. Importantly, the Commissioner…
The AAT has confirmed an ATO decision to impose a penalty on a taxpayer who failed to lodge her income tax return on time. The facts were these. The Taxpayer was late lodging her 2014/15 tax return. She had a tax agent, and might have been able to lodge as late as May 2016, under…