Sub-$50m turnover companies to get their 27.5% rate to reduced to 25.0% five years earlier: 2020/21 instead of $2026/27 – after Labor agrees to support the measure

On 11 October 2018, the Prime Minister; Mr Morrison, announced that his Government would introduce legislation during the next session of Parliament, fast-tracking our business tax relief for more than three million businesses that employ nearly seven million Australians. The way this would accelerate savings for both incorporated and unincorporated businesses (with sub-$50m turnover, is…

Aussiegolfa Pty Ltd (Trustee) v CofT – ATO will not appeal its loss on the superannuation ‘sole purpose’ test and will accept its win on the ‘sub-fund’ being the relevant entity for the ‘in-house assets’ 5% cap issue

The ATO will not seek special leave to appeal to the High Court from the decision of the Full Federal Court in Aussiegolfa Pty Ltd (Trustee) v CofT [2018] FCAFC 122. This Tax Technical Article relates to the Full Federal Court’s decision. The ATO’s decision not to appeal was revealed in an ASX announcement by…

Sales suppression software – ATO reminds people of the ban, the transitional relief and their audit experience of abuse using this sort of software

The law banning ‘sales suppression software tools’ (Suppression Software) became operative on 4 October 2018 and the ATO posted advice about this on its website, the following day. Then, on 10 October 2018, it posted a more ‘breezy’, shorter and more pointed article. (See related Tax Technical article.) It says that “these tools serve no…