The A New Tax System (Goods and Services Tax) Amendment Regulation 2012 (No 1) was registered on the Federal Register of Legislative Instruments on 29 May 2012. It amends the GST Regulations to: (i) treat all components of a hire purchase transaction as taxable supplies; (ii) extend the availability of reduced input tax…
The ATO has advised tax professionals that the PAYG withholding summary annual reports must be lodged by 14 August 2012. However, it says tax professionals with clients who meet certain criteria may be eligible to lodge their report by the due date of their return. The ATO says to be eligible for the lodgment concession,…
In November 2011, the Federal Parliamentary Joint Committee of Public Accounts and Audit (JCPAA) tabled its Report 426: Ninth Biannual Hearing with the Commissioner of Taxation. The Government’s response to 2 recommendations of that Report was released on Tue 24.7.2012. The Report’s recommendations included that: ATO notifications to Government flagging potential tax policy or legislative…
The ATO has advised that it has released a new version of its Income tax guide for non-profit organisations which replaces the previous version. It said the guide is only available online and includes detailed information on: types of entities which can self-assess their income tax status; steps on working out whether an organisation is…
The Commissioner has announced that current Second Commissioner Law, Jennie Granger, has been appointed to the position of Director-General Compliance and Enforcement at Her Majesty’s Revenue and Customs (HMRC) based in London. This role is responsible for educating and supporting those who need help in meeting their tax obligations, for taking action to bring in…
In addition to the key areas of focus addressed in the Compliance Program for 2012-13, the ATO has also released details of its extended compliance focus areas as at 11 July 2012, including: higher-risk advisory firms and financial institutions; business structure schemes; trust schemes; private company deemed dividend avoidance schemes; international cross-border schemes; aggressive employee…
The ATO on Thur 19.7.2012, released its 2012-13 Compliance Program, highlighting the compliance issues attracting ATO attention and what it is doing to address them. The program covers individuals, micro businesses, SMEs, large businesses, Project Wickenby, tax practitioners, superannuation, promoter penalty laws, and non-profit organisations. Focus areas identified by the ATO include: unusually high levels…
The ATO has released details of its operations overview of 2012-13. It contains information on its role, its people, and its resources, as well as revealing its budget of $661.7m (as at 28 May 2012). The document also sets out the ATO’s strategic direction for 2012-13 including: increasing electronic interactions and automated transactions; meeting service…
With the Tax and Superannuation Laws Amendment (2012 Measures No 1) Bill 2012 receiving Royal Assent on 27 June 2012 as Act No 75 of 2012, the changes to the Commissioner’s discretion to retain “high risk” refunds have now come into place. The ATO has released information to clarify how the amendment applies in certain…
The ATO on Thur 12.7.2012, issued Taxpayer Alert TA 2012/4 warning taxpayers of arrangements where accumulated profits of a private company are distributed substantially tax-free to an entity associated with the ordinary shareholders of the private company. The ATO said the dividends are generally distributed on a new class of shares which the private company…