ATO advice on how the ‘Common Reporting Standard’ (CRS) affects ‘Not-for-Profit’ organisations

The ATO has released tailored advice to help those in the NFP sector understand if they have obligations under the Common Reporting Standard (CRS). The CRS is the single global standard for the collection, reporting and exchange of financial account information on foreign tax residents. The implementation of the CRS commenced in Australia on 1 July 2017.…

TPB statement regarding its approach to recognised professional associations – eligibility via membership or directly if RPA fails accreditation

Following media reports and enquiries from practitioners, the Tax Practitioners Board (TPB) has issued a statement to clarify the role of the TPB in the recognition of professional associations. Board Acting Chair Greg Lewis said the TPB accredits a number of recognised professional associations and by doing so provides their voting members an additional avenue to…

Taxation Administration (Remedial Power – Foreign Resident Capital Gains Withholding) Determination 2017 – amending the Foreign Resident CGT withholding regime so vendors get the benefit of withholding credits in the year the CGT is payable – for sales that straddle year end

The Commissioner made the Taxation Administration (Remedial Power – Foreign Resident Capital Gains Withholding) Determination 2017 on 31.7.17 and it was registered on on the Federal Register of Legislative Instruments on Fri 4.8.2017. The Determination was made under the Commissioner’s new power to ‘remedy’ legislation (change it) by legislative instrument. This power was inserted into the law in…

Black Economy Taskforce – Minister releases its Interim Report and Consultation Document containing 54 ideas for further feedback prior to final report due October 2017

On 2.8.2017, the Minister for Revenue announced the release of the following two documents by the ‘Black Economy Taskforce’ (headed by Mr Michael Andrews): Its interim report (see table of contents below). A consultation document containing a list of 54 ideas. These ideas are not recommendations but the product of the Taskforce’s extensive ‘roadshow’ consultation…