The ATO has released the taxable payments reporting – building and construction industry factsheet for businesses in the building and construction industry subject to the reporting regime commencing from 1 July 2012. It says the businesses do not need to report payments in relation to the following: payments for materials only; any unpaid invoices as…
The ATO has released a guide to the International dealings schedule (IDS) 2012. It says the IDS will form a part of the 2012 income tax return for certain taxpayers. The guide outlines the circumstances where a company, partnership or trust will need to complete the IDS. The ATO says the IDS needs to be…
The ATO has reminded taxpayers that from the 2011-12 income year, all trustees who make beneficiaries entitled to trust income by way of a resolution must do so by 30 June 2012. However, it says if the trust deed requires a resolution to be made at a date before 30 June 2012, then trustees should…
The Tax Commissioner says the ATO’s prosecution of more than 1,500 people for tax and superannuation offences sends a clear warning to taxpayers who offend, that they can expect to be caught. The Commissioner said the figures for year-to-date results to 31 March 2012 show the ATO successfully prosecuted 1,106 individuals and 400 companies for…
The ATO advised on Tue 15.5.2012, that 3 company directors had been sentenced to a total of 9 years jail for tax fraud following joint investigations by the Australian Federal Police and the ATO under Project Wickenby. According to the Tax Office, one of the directors was convicted and sentenced to 4 years jail with…
As a part of Project Wickenby, the Australian Federal Police (AFP) says it charged a second man with conspiring to dishonestly cause a loss to the ATO and conspiring to deal in the proceeds of crime to the value of $63m as a part of an ongoing investigation. The AFP says the arrest follows its…
The ATO has released Your case matters 2012 which features key data and analysis regarding tax and superannuation litigation from 1 July 2007 to 29 February 2012. The ATO says these statistics are being published for the first time. Highlights from the data include: around 70% of taxpayer litigation concerns income tax assessments; 97% of…
The ATO on Wed 16.5.2012, issued Taxpayer Alert TA 2012/2 warning taxpayers of arrangements where a NZ based foreign discretionary trust (NZ foreign trust) is used to avoid taxation on Australian sourced income. The arrangements involve the provision of services, at a mark up, to an Australian resident business, or the diversion of Australian sourced…
The ATO, on Fri 18.5.2012, withdrew Practice Statements PS LA 2003/10 (Management of priority technical issues) and PS LA 2004/4 (Referral of interpretative issues to Centres of Expertise for the creation of the precedential ATO view, and early engagement of internal technical specialists in active compliance cases). These have been been replaced by PS LA…
The ATO on Wed 30.5.2012, issued the following Class Rulings: Class Ruling CR 2012/35: Assessable income: football umpires: AFL Riverina Incorporated. It applies from 1 July 2011. The Ruling broadly states that the match fees received by members of the RUA are not assessable income under s 6-5 and s 6-10 of the ITAA 1997.…