The OECD has launched a new database providing detailed and comparable tax revenue information for 80 countries around the world – and which will expand to cover more than 90 countries by the end of 2018. The Global Revenue Statistics Database provides what it says is the largest public source of comparable tax revenue data…
On Wed 4.7.2018, the ATO issued Draft Taxation Ruling TR 2018/D1 setting out the Commissioner’s view on the meaning of the “in Australia” condition for Div 30 DGR status and Div 50 income tax exemption of charities and non-profits. He seeks comments by This is a fraught area, as the ‘in Australia’ requirement was obviously meant…
On Thursday 12 July 2018, the Commissioner released his income tax ‘gap analysis’ of gap between the tax individuals (not in business) ought to have paid, had they been fully compliant and the tax they actually paid. The head line is that the ‘gap’ is bigger than the corporate sector, but there is more to…
Article appearing in the 4/7/18 KPMG ‘Daily Tax News’ Amongst the changing governance landscape with respect to directors’ duties and liabilities, it is important to remember that the general duties of directors are owed to the company for which they are a director. The Australian Securities Exchange (ASX) consultation process currently underway to update the…
The last Parliamentary Winter sittings were held in the last week of June 2018, and there are quite a few significant tax bills still before Parliament that are on hold until Parliament resumes again on 13 August. Corporate Tax Cuts – the remaining ‘tranche’: The most significant is the bill related to company tax rate…
ATO advice to Professional Firms Working Group as of 28 June 2018 Thank you for your continued input and participation as a member of the Professional Firms Working Group. Your suggestions continue to provide valuable insights which provide a richer understanding of the issues and have assisted in enabling us to progress the review of…
The Taxation Related Legislation (Housing Availability and Payroll Relief) Bill 2018 received Assent on 29 June 2018 as Act No 5 of 2018. It had passed the Parliament with 2 amendments from the Legislative Council concerning the removal of the reference to “greater Hobart area” and its definition from the new section 19E of the Land Tax…
The State Revenue Legislation Amendment Bill 2018 received Assent on 27 June 2018 as Act No 39 of 2018. It had passed all stages without amendment. It amends the Payroll Tax Act 2007 to raise the tax-free threshold for payroll tax from the current level of $750,000 to $1 million over the next 4 financial years. The…
A taxpayer has unsuccessfully challenged a private ruling that land which was mostly vacant was not an “active asset” for the purpose of the CGT small business concessions. These concessions are found in Div 152 of the ITAA97 and give a (further) 50% discount, up to $500k superannuation contributions and a rollover of any remaining…
A paper prepared for the Tax Institute’s National Infrastructure Conference, by Mr Greg Davies QC and Mr Eugene Wheelahan of the Victorian Bar – on 17 May 2018. 1 Introduction In its Taxpayer Alert, TA 2017/1, the Australian Taxation Office (ATO) states that it is reviewing arrangements which “attempt to fragment integrated trading businesses…