The OECD Committee on Fiscal Affairs has just released the draft contents of the 2017 update to the OECD Model Tax Convention prepared by the Committee’s Working Party 1. The update has not yet been approved by the Committee on Fiscal Affairs or by the OECD Council. Comments are requested at this time only with…
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…
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…
The ATO has reported (on its website) that a man was convicted in the Sydney District Court (Tupman J) on 2 June 2017 of conspiracy to defraud the Commonwealth and sentenced to 5.5 years’ jail following a complex investigation by the ATO. The ATO said that, between 2002 and 2007, the man conspired to defraud the Commonwealth of $10.5…
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…
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…
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…
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…
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)…
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…