Key News Summary – On 14.12.18, the Government release draft legislation to reform the PRRT, (i) lower the uplift rates from LIBOR+15% points that apply to certain categories of carried-forward expenditure, to LIBOR+5% points, from 1 July 2019; and (ii) remove onshore petroleum projects from the scope of the PRRT. The PRRT is a profit-based…
Key news Summary – Commissioner finally gets a list of Australians who hold Swiss Bank accounts (at least some of them un-named numbered accounts) On Friday 14 12 December 2018, the ATO reported that it had received its first list of all Australians who hold Swiss bank accounts. Deputy Commissioner Deputy Commissioner, Jeremy Hirschhorn, told ABC…
Key News Summary – the ATO released its income tax gap statements for $250m+ turnover companies for the 2015-16 year, showing the gap down to $1.8b or 4% of the $40b total tax paid. On 13 Dec 2018, the ATO released details of the latest figures ‘income tax gap’ figures for the large corporate…
Key News Summary – the Commissioner has released the 4th Corporate Tax Transparency Report, for the 2016-17 year showing 2019 entities, with overall increases in all of total income, taxable income, tax payable and the number of entities. 14 entities pay the PRRT and 20% to 30% of the ASX 500 report current year losses. …
Key News Summary – In Queensland Maintenance Services Pty Ltd (In Liquidation) v FCT, the AAT found that the Commissioner was right to disallow general deductions, under s8-1 of the ITAA97, for ‘renovation compensation invoices’ because of curious facts affecting purpose and ‘management fee expenses’ because they were to buy the right to manage the…
On 12 December 2018, the Australian Prudential Regulation Authority (APRA) released a package of new and enhanced prudential requirements designed to strengthen the focus of registrable superannuation entity (RSE) licensees on the delivery of quality outcomes for their members. A central component of APRA’s new framework is the introduction of an outcomes assessment that will…
Proposed changes to the monster that is Division 7 – An article from Pointon Partners Taxation Articles – Authors: Anthony Pointon, Laszlo Konya, Robert Gordon – 6 December 2018. Key News Summary – Pointon Partners have produced this expansive but pithy summary of the development of the deemed dividend rules, in Division 7A of Part III of…
Key News Summary – Treasury has issued a consultation paper aimed at establishing simple and standardised disclosure of the key features of various types of retirement income products, to match retirees’ needs, together with a ‘retirement income risk measure’ paper, issued by the Government Actuary (which is to feed into the standard disclosure product). Comments…
Key News Summary – the number of Australian properties, that have been divested, from their foreign owners is 316 (worth $381m) since 2015, when the ATO was given responsibility for policing these laws. On 10 Dec 2018, the Federal Treasurer issued a media release saying the Coalition Government has forced the sale of more…
PARIS (Reuters) – On 6 Dec 2018, Finance Minister Bruno Le Maire yesterday said France will tax digital giants at a national level from 2019 if European Union states cannot reach an agreement on a tax on digital revenues for the bloc. EU finance ministers failed to agree a tax on digital revenues on Tuesday…