Key News Summary – a Labor government would change the laws to give employees a legal right to collect their own superannuation and the Commonwealth the right to impose fines of 10% and 300% of un/under paid superannuation contributions, if there are misleading statements or under-reporting to the ATO (respectively) On 16.12.18, the Shadow…
Key News Summary – the Treasurer announced an extension of the age, up to which an individual can get the tax-free portion of ‘genuine redundancy payments’ and ‘early retirement scheme’ payments. The age will be extended to match the increasing age threshold for the Age Pension. On 15.12.18, the Treasurer announced a change to…
Key News Summary – High Court answered a question off law, finding that the Family Court had the power to order that a wife’s debts owed to the Commissioner of Taxation, could be transferred to the husband but, but it refused to order whether it should be, in this case, as the case was only…
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…