The Australian Financial Complaints Authority (AFCA) opening for business as of Thursday 1 November 2018. This is the new one-stop shop for financial dispute resolution, delivering free, fast and binding services for all financial complaints, whether they be related to banks, credit providers, insurance companies or superannuation funds. AFCA will replace the Financial Ombudsman Service…
On 31 October 2018, the ATO uploaded a post addressed to vendors of property, on which GST is to be withheld and remitted to the ATO, as a credit against the eventual assessed GST. The ATO reminds vendors, that the start of the process, is with the Vendor of the land, who has to supply…
On Tuesday 30 October 2018, ASIC announced that it had disqualified two separate self-managed superannuation funds (SMSF) auditors: John Gilliland and Douglas Coghlan, both of Queensland, for breaching independence requirements. ASIC found both Mr Gilliland and Mr Coghlan had separately breached auditor independence requirements in auditing their own funds, the fund of an immediate family member…
The Tax Practitioners Board (TPB) released its 2017/18 Annual Report under s60–130(1) of the Tax AgentServices Act 2009. Amongst the things it reports on, are the following. The TPB has been in operation, 8 years (since 1 March, 2018). By 30 June 2018 the registered tax practitioner population had tripled to 77,749 (since the beginning),…
On 29 October 2018, the UK Chancellor of the Exchequer, Philip Hammond, handed down the 2018 UK Budget and announced a range of tax measures. While the headline measure was the proposed 2% digital services tax on large digital firms from April 2020 (see related Tax Technical Article), the UK Government also announced a range of corporate…
On UK Budget day: 29 Oct 2018, the UK Government announced that it will unilaterally introduce a 2% digital services tax on the revenues of large digital firms that are linked to users in the UK (whilst continuing to contribute to global consensus on a long term answer to this challenge to the UK tax…
On 30 October 2018, the ATO posted the following statement on its latest data matching protocol, which will see the ATO continue to receive share data from the Australian Securities and Investment Commission (ASIC). The data includes details of the price, quantity and time of individual trades dating back to 2014, with more than 500 million…
T a x T e c h n i c a l – M o n t h l y N e w s – November 2018 Developments – This is a collection of developments in Australian tax law and practice that occurred in November 2018 which aims to be relevant to tax practitioners.[i] Compiled By F…
The NSW District Court has rejected a director’s defences to a director’s penalty notice (DPN) for $111,798. The defendant was the director of a construction company, formed in April 2015. Its activities were mainly conducted in Western Australia. The company lodged BASs in respect of the periods 1 April 2015 to 30 June 2015 and 1 July 2015 to 30 September 2015. The BASs identified…
Practical Compliance Guideline PCG 2018/7, issued on Thursday 25.10.2018. It sets out the ATO’s compliance approach to restructures out of existing hybrid arrangements to avoid the potential application of the hybrid mismatch rules. The anti-hybrid rules, will generally take effect from 1 January 2019, and they address certain hybrid arrangements that exploit differences in the tax treatment…
