Minister O’Dwyer made the GST determination: A New Tax System (Goods and Services Tax) (Incidental Valuable Metal Goods) Determination 2017 (No 1) on Monday 16 Oct 2017 and it was registered on the Federal Register of Legislation on Wed 18.10.2017. The Determination specifies a class of goods that are ‘incidental valuable metal goods’ for the purposes…
The Treasury Laws Amendment (2017 Measures No 6) Bill 2017 passed all stages of Parliament, without amendment on Thur 19.10.2017 and received Royal Assent as Act No. 118 on Monday 30.10.17. It amends the GST Act to ensure that supplies of digital currency receive equivalent GST treatment to supplies of money, particularly foreign currency (this was announced in…
The Government introduced the Treasury Laws Amendment (Junior Minerals Exploration Incentive) Bill 2017 on Thur 19.10.2017. It proposes to amend the tax law to replace the former Exploration Development Incentive (EDI) with the Junior Minerals Exploration Incentive (JMEI). Like the EDI, the JMEI would provide a tax incentive to invest in small minerals exploration companies undertaking greenfields minerals exploration in Australia.…
The Treasury Laws Amendment (Housing Tax Integrity) Bill 2017 was introduced with the Foreign Acquisitions and Takeovers Fees Imposition Amendment (Vacancy Fees) Bill 2017, both of which passed the Lower House and then moved to the Senate on 19 October 2017. The Bills were enacted on 30 November 2017 (see related Tax Month article). The…
The Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures No. 1) Bill 2017 and the First Home Super Saver Tax Bill 2017 were passed by the House of Representatives and moved to the Senate on 18 October 2017. These Acts establish the First Home Super Saver Scheme and amend: 10 Acts to enable first home savers to make…
T a x T e c h n i c a l – M o n t h l y N e w s – September 2017 Developments – This is a collection of developments in Australian tax law and practice that occurred in September 2017 which aims to be relevant to tax practitioners.[i] Compiled By F John Morgan…
This Full Federal Court decision is an appeal, by the Commissioner of Taxation, from an interlocutory decision made by Foster J. The FFC allowed the Commissioner’s appeal and set aside a subpoena that required the Commissioner to produce various documents. Foster J’s decision is reported as [2017] FCA 358. The case turned on whether the subpoenaed…
The ATO has advised that the new Transfer balance account report (TBAR) and TBAR instructions are now available on ato.gov.au. The ATO says it has a plan to have an online TBAR form available from 1 January 2018. SMSFs can use the TBAR to report events that affect an individual member’s transfer balance account. While SMSFs will…
The Commissioner registered the Reporting of event based transfer balance account information in accordance with the Taxation Administration Act 1953 [F2017L01273] on Wed 27.9.2017. This instrument is made under s390-5 (relating to Member information statements) and s 390-20 (relating to Statements relating to Holders of certain Life Insurance Policies) of Sch 1 to the TAA. It sets out the way in…
On Wed 27.9.2017, the Commissioner released TDP2017/2, which is a discussion paper on the definition of ‘taxi’ for the purposes of the FBT Act. The definition of ‘taxi’ is relevant to FBT for the purposes of 58Z of the FBT Act, which exempts employers from having to pay fringe benefits tax in respect of travel undertaken…
