GST Recipient Created Tax Invoice (RCTI) Determination amended – to allow for one training program provider closing in favour of a new one [50]

The Goods and Services Tax: Classes of Recipient Created Tax Invoice Amendment Determination (No 1) 2014 was registered on 9 December 2014. It amends the Goods and Services Tax: Classes of Recipient Created Tax Invoice Determination (No 1) 2012 to take into account the closure of General Practice Education and Training Limited (GPET) on 31 December 2014 and its…

*PS LA 2014/4 – Failure to produce document necessary for assessment (75% of shortfall) – ATO administration of regime including remission power [44]

Practice Statement PS LA 2014/4 was released on Wed 17.12.2014. It deals with administration of the penalty imposed under s 284-75(3) of Sch 1 to the Taxation Administration Act 1953. It explains: (i) the circumstances in which an entity becomes liable to a subsection 284-75(3) penalty, and (ii) how the penalty is assessed, including remission. Subdivision 284-B…

*PS LA 2014/3 – Simplifying transfer pricing record keeping [43]

This Practice Statement, released on Wed 17.12.2014, provides ATO personnel with guidance on the application of the options under Simplifying Transfer Pricing Record Keeping. In accordance with the assurance given in the online guidance Simplifying Transfer Pricing Record Keeping, the ATO says if an entity has elected to apply a simplification record keeping option(s), then…

*PS LA 2014/2 – Administration of transfer pricing penalties [42]

This Practice Statement, released on Wed 17.12.2014, considers the administration of transfer pricing penalties for income years commencing on or after 29 June 2013. It explains: (i)      when an entity will be liable for a transfer pricing penalty; (ii)     how the entity’s transfer pricing penalty is assessed, and (iii)    how the Commissioner’s discretion in…

*PS LA 2011/27 (on ‘U turns’) updated after Macquarie Bank decision – dealing with when the ATO should only apply its view of the law prospectively [41]

The ATO on Thur 4.12.2014, updated Practice Statement PS LA 2011/27 (Matters the Commissioner considers when determining whether the ATO view of the law should only be applied prospectively). The ATO had previously issued proposed amendments to the Practice Statement following the Full Federal Court’s decision in Macquarie Bank Limited v FCT [2013] FCAFC 119.…