On Thursday 8.2.18, the House of Representatives passed the Treasury Laws Amendment (Enterprise Tax Plan No 2) Bill 2017, without amendment, and the Bill now moves to the Senate. The Bill provides for the remaining 8 years of the Government’s plan to reduce tax rates down, so that all companies pay tax at a 25%…
On Wednesday 7.2.18, the Government introduced the Treasury Laws Amendment (2018 Measures No 1) Bill 2018, and on 27.2.2018, the Bill passed the Lower House, unamended. Schedules 1, 2 , 3 & 4 of which propose the following superannuation related amendments. Relief for merging super funds – the Bill proposes to amend the ITAA 1997,…
The Government introduced the Treasury Laws Amendment (2018 Measures No 1) Bill 2018, into the Lower House of Parliament on Wednesday 7.2.2018 and it was passed the Lower House, unamended, on 27.2.2018. In Schedule 5, it proposes amendments to introduce new GST withholding provisions. These provisions will require purchasers of ‘new residential premises’, and of ‘potential residential land’,…
The taxpayers has lodged an application for special leave to appeal to the High Court from the Full Federal Court decision in CofT v Hacon Pty Ltd & Ors [2017] FCAFC 181. The Full Federal Court had held that the Commissioner was entitled to refuse to make a private ruling, under the discretion in s357-110(1)(a) in…
On Wed 31.1.2018, the ATO issued Class Ruling CR 2018/7 (Eneabba Gas Limited – return of capital by way of in specie distribution). It explains the tax consequences for shareholders of Eneabba Gas Ltd (ENB) who received an in specie distribution of UIL Energy Ltd (UIL) convertible redeemable preference shares in September 2016. The ATO says that:…
The ATO has issued a Decision Impact Statement on the Full Federal Court decision in Cable & Wireless Australia & Pacific Holding BV (in liquidatie) v FCT [2017] FCAFC 71, which held that an off-market share buy back receipt was a ‘dividend’ to the overseas recipient and that and the withholding tax paid was correctly paid…
The AAT held that the taxpayer was correct in claiming certain expenditure, on ‘gaming machine entitlements’. The deductions were held to have been allowable, for the whole of the expenditure, in the year it was ‘incurred’, under the provision allowing ‘general deductions’, in s8-1 of the Income Tax Assessment Act 1997 (ITAA97). These ‘gaming machine…
T a x T e c h n i c a l – M o n t h l y N e w s – January 2018 Developments – This is a collection of developments in Australian tax law and practice that occurred in January 2018 which aims to be relevant to tax practitioners.[i] Compiled By F John…
On 24 January, 2018, the Minister for Revenue released a draft Bill and announced other measures intended to give effect to its Superannuation Guarantee (SG) Integrity Package (which she announced on 29 August 2017). The draft Bill would: allow the ATO, in cases where employers fail to comply with their SG obligations, to issue directions to pay unpaid…
Apparently a revised Trans-Pacific Partnership between Australia and 10 other countries will be signed soon. The 11 countries are: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam. This is what the Trade Minister: Steven Ciobo indicated in an interview with the ABC’s Fran Kelly (see transcript on Minister’s site). He said: “Well as they…