Daily Archives: December 5, 2018

NSW payroll tax system – Government’s response to Productivity Report announced – accepting all 12 recommendations including: three-tiered payment, lodgement and reconciliation model, 50% prompted voluntary compliance discount, efforts to standardise definitions and forms

On 22.11.18, the New South Wales Treasurer announced a reform to the administration of payroll tax in NSW that could seriously reduce compliance costs. He announced: from next year payroll tax administration will be streamlined with the introduction of equal automated payments making payroll tax a set-and-forget affair, rather than a monthly hassle He also…

Exchange of Information Countries – 54 added by new regulation – giving lower 15% MIT withholding tax rights (most added through the MLI process)

The Taxation Administration Amendment (Updating the List of Exchange of Information Countries) Regulations 2018 (the Updating Regulations) were registered on 23.11.18 and have effect from the following day (24th Nov 2018). They add: Albania, Andorra, Austria, Azerbaijan, Bahrain, Barbados, Brazil, Brunei, Bulgaria, Cameroon, Chile, Colombia, Costa Rica, Croatia, Cyprus, Dominica, Estonia, Faroe Islands, Georgia, Ghana,…

PCG 2018/D8 – ‘swim between the flags’ compliance guidance for related party, inbound, distributors – eg. general distributors: EBIT above 5.5% of sales, motor vehicle distributors: EBIT above 4.3% of sales

On 23.11.18, the ATO released Draft Practical Compliance Guideline PCG 2018/D8 – Transfer pricing issues related to inbound distribution arrangements. It outlines the ATO’s intended compliance approach (or the amount of audit attention, they will apply ) to the transfer pricing outcomes associated with the following activities of inbound distributors: distributing goods purchased from related…

‘Black economy’ – further consultation paper released on: further penalties; reverse onus of proof; record keeping for gambling & gifts; penalties for misrepresenting ‘sham’ contracts, ATO law enforcement agency; Freezing Order extension; ATO compel 3rd party info; Federal Courts hear offence matters

On 22.11.18, the Assistant Treasurer announced the release of consultation paper released today is another step towards implementing the Government’s response to the recommendations of the Black Economy Taskforce final report. This consultation comes in the context of the review that the Government announced, as part of the 2018-19 Budget, it would conduct, of existing criminal…