The Treasury Laws Amendment (2019 Tax Integrity and Other Measures No. 1) Bill 2019 – Schedule 7, will ensure that that the amount of salary an individual sacrifices to employer superannuation contributions, does not reduce the earnings base on which SGC contributions are calculated and that the employer sacrifice contributions can’t be used to satisfy…
On 19 August 2019, the Federal Treasurer: Josh Frydenberg issued a press release setting out his Government’s ‘road map’ for introducing and passing legislation recommended by Commissioner Ken Hayne, in his Final Report into his commission to investigate wrong doing in the Financial Services Industry (commonly known as the Banking Royal Commission). See below for…
On 29 July 2019, the Australian Financial Review published an article entitled: ‘ATO to disclose tax debts to credit agencies” covering the measure in Schedule 5 of the Treasury Laws Amendment (2019 Tax Integrity and Other Measures No. 1) Bill 2019 – which could do some good but is controversial. See related Tax Technical articles providing…
The Treasury Laws Amendment (2019 Tax Integrity and Other Measures No. 1) Bill 2019 – Schedule 3, will limit deductions that can be claimed whilst land is vacant – except for businesses and certain taxpayers.DATE OF EFFECT: would apply to losses or outgoings incurred on or after 1 July 2019. See related Tax Technical article about the…
The Treasury Laws Amendment (2019 Tax Integrity and Other Measures No. 1) Bill 2019 – Schedule 4, amend the ITAA 1936 to extend to family trusts the anti-avoidance rule that applies to other closely held trusts that undertake circular trust distributions. See the related Tax Technical article about the whole of the Bill. See below…
The Treasury Laws Amendment (2019 Tax Integrity and Other Measures No. 1) Bill 2019 – Schedule 2, will amend the ITAA 1997 to prevent partners claiming Div 152 Small Business CGT Relief when assigning all or part of their partnership interest – with effect for CGT events after budget time in 2018 (8 May 2018). See…
The Treasury Laws Amendment (2019 Tax Integrity and Other Measures No. 1) Bill 2019 – Schedule 5, will amend the TAA 1953 to allow taxation officers to disclose the tax debt information of a particular entity operating a business to credit reporting bureaus when certain conditions and safeguards are satisfied. See related Tax Technical article…
The Treasury Laws Amendment (2019 Tax Integrity and Other Measures No. 1) Bill 2019 – Schedule 5, will amend the TAA 1953 to allow taxation officers to disclose the tax debt information of a particular entity operating a business to credit reporting bureaus when certain conditions and safeguards are satisfied. See related Tax Technical article…
The Treasury Laws Amendment (2019 Tax Integrity and Other Measures No. 1) Bill 2019 – Schedule 5, will amend the TAA 1953 to allow taxation officers to disclose the tax debt information of a particular entity operating a business to credit reporting bureaus when certain conditions and safeguards are satisfied. See related Tax Technical article…
On 24 July 2019, the Government introduced the Treasury Laws Amendment (2019 Tax Integrity and Other Measures No. 1) Bill 2019 which: limits Small Business CGT concessions on ‘Everett assignments; extends the ban on ‘circular trust distributions; limits deduction on vacant land; prevents employers treating ‘salary sacrifice’ employer contributions being used as SG contributions and authorising…