On 11 March 2024, the Government announced that it would abolish almost 500 tariffs from 1 July 2024. Their compliance costs often exceed the revenue collected. Many do not collect more than $100k pa. And, yet, they affect $85b in trade. This approach can teach us about simplification of the tax system in other areas.…
Since about this time last year (late January 2023), the PwC leaks saga has been the ‘story that keeps on giving’. Whilst talking with colleagues, when this story was just breaking, one well placed person said that there was as much going on in the Australian Taxation Office (ATO) as outside it. And now (a…
You might ask what part ‘tax’, in Australia, plays in ‘decarbonising’ the world (or vice-versa) but the following article throws light on this (from the Australian Financial Review – 14.2.24). The answer is that ‘taxes’ will not be just income tax, CGT, GST, FBT etc – they could be a “carbon solutions levy” playing its…
The Federal Budget papers contained the the tax rates for resident, non-resident, and working holiday makers, in the coming 2022-23 year and subsequent years (without flagging any reversal of the currently legislated ‘Stage 3’ tax cuts – which deliver a 30% tax rate from $45k to $200k of income. At the same time, the Government…
On Tuesday 8 May 2023, the Federal Treasurer brought down the Government’s budget for the 2023-24 financial year, which included a number of tax and superannuation related announcements and macro-economic data and forecasts. Macro-economic overview A Budget surplus of $4.2bn is forecast in 2022-23, but an underlying cash deficit of $13.9bn is expected in 2023-24…
In their weekly email: TaxVine [16, 12.5.23], The Tax Institute announced their Federal Budget Report and provided a shorter summary. The Budget contained a greater number of measures compared with the budgets of recent years. However, most of these measures are limited in their scope and commonly lack the level of detail needed to better understand their impact…
T a x T e c h n i c a l – M o n t h l y N e w s – May 2023 Edition – ‘Tax Developments’ for tax practitioners by a tax practitioner. Compiled by F John Morgan A member of the Victorian Bar (www.FJMtax.com) Table of Contents ______________________________________________________________________________ COMPILING…
On 24.4.23, the ATO issued a ‘Decision Impact Statement‘ on the effect of the Full Federal Court case of CofT v Guardian AIT Pty Ltd atf Australian Investment Trust [2023] FCAFC 3. This appeal was watched closely, as it involved the ‘Trust Stripping’ anti-avoidance provision” s100A of the ITAA36, which is rarely litigated. At first instance…
In The Tax Institute’s weekly TaxVine email (No.6, 1.3.23), Kym Bailey, CTA, Technical Services Manager at JBWere, and Chair of their National Superannuation Technical Committee, discusses the recent Government consultation on legislating a statement of the ‘objective’ of superannuation. Superannuation appears to be in the sights, of the Treasurer, with a clear indication, that he…
In The Tax Institute’s TaxVine email [No.5, 24.2.23], their Tax Policy and Advocacy team reviews the application of section 100A of the Income Tax Assessment Act 1936 (ITAA1936) in light of the finalised ATO guidance and recent cases. The end of the income year is approaching quickly. Practitioners and trustees will shortly be required to determine…