The Inspector-General of Taxation (IGT) has extended to 4 August the due date for submissions on the IGT review into the ATO’s fraud control management. The IGT said current and former ATO staff are welcome to approach the IGT in confidence regarding submissions – tel: (02) 8239 2110 or email: afcm@igt.gov.au. At the request of the Senate…
On Monday 31.7.17, Treasury released an Exposure Draft of the Taxation Administration Regulations 2017. They would remake and improve the existing 1976 tax admin regulations using simpler language and removing duplicate or redundant provisions. The changes are not intended to alter the current meaning or operation of the existing regulations but are necessary as the current regs are due…
On 30 July 2017, the Labor party announced it would (in Government) introduce a standard minimum 30 per cent tax rate for discretionary trust distributions to mature beneficiaries (people over the age of 18). Individuals and businesses use trusts for a range of legitimate reasons, such as asset protection (for which ‘discretionary’ trusts are particularly…
LOANS were SHAMS: The taxpayers have applied for special leave to appeal to the High Court against the Full Federal Court decision in FCT v Normandy Finance and Investments Asia Pty Ltd & Ors [2016] FCAFC 180. In a majority decision, the Full Federal Court had allowed the Commissioner’s appeal and found that it was not…
27/07/2017 – Today, the OECD released a report ‘Branch Mis-matches’: Neutralising the Effects of Branch Mismatch Arrangements (BEPS Action 2). This is similar to the ‘Hybrid Mismatches’ dealt with in October 2015, when the OECD published a report on Neutralising the Effects of Hybrid Mismatch Arrangements (OECD, 2015). This was as part of the final BEPS…
The Federal Court has refused the taxpayers’ application for interlocutory injunctive relief concerning the issue of notices by a Deputy Commissioner requiring them to attend closed-door interviews in relation to an unresolved objection under s353-10 of the TAA, Schedule 1 (the old s264 of the ITAA36). The Commissioner issued original assessments to the Trustee of…
On 20 July 2017, the Australian Charities and Not-for-profits Commission (ACNC) has announced that it has revoked the charity status of the following 3 organisations following investigations into their activities and operations: African Australian Network Limited (ABN: 33158042696) – has been operating since September 2013 and is based in Victoria. Global Helping Hands Foundation – Australia (ABN:…
On 24 July 2017, the Government released draft legislation proposing a package of measures aimed at improving accountability and member outcomes in the superannuation system. The legislation will amend the Superannuation Industry (Supervision) Act 1993, the Corporations Act 2001, and the Financial Sector (Collection of Data) Act 2001 to modernise the superannuation system. The amendments will…
Three Class Rulings were released by the ATO on Wed 26.7.2017: CR 2017/44 – scrip-for-scrip roll-over: acquisition of units in Centuria Urban REIT by Centuria Metropolitan REIT. It provides that unit holders who made a capital gain from disposing of their Centuria Urban REIT units to the responsible entity of Centuria Metropolitan REIT can choose scrip-for-scrip…
On Wed 26.7.17, Revenue Minister Kelly O’Dwyer announced that the Government has established a transition team to bring the Australian Financial Complaints Authority (AFCA) into being. AFCA is designed to provide a one-stop-shop for external dispute resolution, as recommended both by the Ramsay Review and the report of the Small Business and Family Enterprise Ombudsman. AFCA…