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…
Key News Summary – New Zealand introduced a Bill into its Parliament, on 5 Dec 2018, to impose NZ GST on foreign suppliers of goods and services of a value under NZ1,000, if their turnover exceeds the NZ registration turnover threshold of NZ$60,000 and associated changes. The Taxation (Annual Rates for 2019-20, GST Offshore…
Key News Summary: APRA has taken action against IOOF and its associated entities centering around their conflict of interest and failure to act in the best interests of members, by enforcing the RSE Licence, imposing more conditions, seeking to disqualify 5 individuals as directors of superannuation entities and seek declarations of contraventions of the SIS…
Key News Summary: The SIS Regs are now amended to allow recent retiree’s (aged up to 75) a 1 year exemption from the work test, if they have less than $300k in super, from 1 July 2019 (as announced in the 2018 Federal Budget). The Treasury Laws Amendment (Work Test Exemption) Regulations 2018 were…