VM 2017/D1 – ‘Goods and Services Tax: Valuable Metals Market Value Determination 2017’ – a draft determination of the s86-10(3) method by which taxpayers may determine the ‘market value’ of ‘Valuable Metals’ in goods supplied for the purposes of determining whether there is a s86-5 ‘reverse charge’ liability of the recipient of the goods

On 12 July 2017 (or thereabouts), the Commissioner issued as draft of the method by which an supplier and recipient of goods comprising ‘Valuable Metals’, or that had Valuable Metals included in them, could determine the market value of the Valuable Metal, and thus determine whether a reverse charge’ mechanism was imposed on the supply under…

ACT – State Taxes – 2017 Budget announcements: land tax on residences unless ‘PPR’; conveyance rates on commercial properties separated to allow them to phased out; rates and gaming tax rebate

On Tuesday 6 June 2017, the 2017-18 ACT Budget was handed down. Revenue-related measures announced include: From 1 July 2018, the Government will extend land tax to all residential dwellings that are not the owner’s principal place of residence, whether they are rented or not. Under the current system, land tax is only charged on residential properties…

Deductible Gift Recipient (DGR) tax arrangements – Treasury releases discussion paper to commence a review of this important segment

This discussion paper considers potential reforms to the Deductible Gift Recipient (DGR) tax arrangements. DGR status allows an organisation to receive gifts and contributions for which donors are able to claim a tax deduction. The DGR tax arrangements are intended to encourage philanthropy and provide support for the not-for-profit (NFP) sector. This paper outlines a…

Tax deductions inquiry report by Parliamentary Committee tabled – recommendations include keeping ‘work related expense’ deductions but quantifying and policing them better and no significant change for companies (particularly interest deductions)

On Thursday 15 June 2017, the House of Reps Standing Committee on Economics tabled its 119-page Report on the inquiry into tax deductibility. It’s recommendations were directed to personal tax and income tax (which are extracted below). For personal deductions, the focus was on ‘work related expenses’ which it concluded should continue, but with more…

Treasury Laws Amendment (GST Integrity) Bill 2017 – voluntary and mandatory ‘reverse charge’ provisions for supplies of gold, silver and platinum and related changes to the definition of ‘second hand goods’ for ‘integrity’ reasons

The Treasury Laws Amendment (GST Integrity) Bill 2017 was introduced into and passed the Lower House, without amendment on 15.6.17. Its effect would be as follows. This Bill introduces a mandatory reverse charge for taxable supplies between suppliers and purchasers of gold, silver and platinum. This removes the opportunity for fraudulent input tax credit claims…

Treasury Laws Amendment (Foreign Resident Capital Gains Withholding Payments) Bill 2017 – withholding obligation increased from 10% to 12.5% and residential threshold reduced from $2m to $750k with effect from 1 July 2017

On Thursday, 15.6.17, the Treasury Laws Amendment (Foreign Resident Capital Gains Withholding Payments) Bill 2017 passed by the House of Reps, and moved to the Senate, where it was also passed on the same day. The now passed Act will amend the relevant withholding provisions in Division 14 of Schedule 1 to the Taxation Administration Act…

Treasury Laws Amendment (2017 Measures No 2) Bill 2017 – passed all stages – amends 6 Acts to make technical changes relating to the $1.6m ‘transfer balance cap’ superannuation legislation and related measures

On 15 June 2017, the Treasury Laws Amendment (2017 Measures No 2) Bill 2017  passed all stages of Parliament, without amendment, and effectively await Royal Assent, after having been passed by the Senate today The Bill amends six Acts to make amendments arising out of the enactment of the Treasury Laws Amendment (Fair and Sustainable Superannuation)…

DCT v A & S Services Australia Pty Ltd (No 2); DNV Accountants & Business Advisors (No 2); Bolton & Swan Pty Ltd (No 2); Ainslie Harding & Wood Solicitors Pty Ltd (No 2) – After provisional liquidators were appointed to non-compliant / ‘phoenix’ companies the Federal Court ordered would them up on the ‘just and equitable ground’

The Federal Court has ordered the winding up of each of several corporate defendants, including an accounting firm and a firm of solicitors. On 3 April 2017, the Federal Court appointed provisional liquidators to each of of the following pursuant to s 472(2) of the Corporations Act 2001 (Cth): [2017] FCA 437. A & S Services Australia…