This GST Ruling, released Wed 27.3.2013, sets out the minimum information requirements for a tax invoice under s 29-70(1) of the GST Act. It was issued in draft form as Draft GSTR 2012/D3 (which in turn replaced the previous draft, ie Draft GSTR 2011/D1). In addition to setting out the Tax Office’s view of the information…
The A New Tax System (Goods and Services Tax) Waiver of Tax Invoice Requirement (Acquisitions from or Acquisitions by a Beneficiary of a Bare Trust) Legislative Instrument 2013 was registered on the Federal Register of Legislative Instruments on Thur 21.3.2013. It waives the requirement for a recipient making a creditable acquisition from a beneficiary through…
The ATO on Wed 6.3.2013, issued the following Class Rulings: CR 2013/17: Westpac Banking Corporation – Westpac Capital notes. It applies from 1 July 2012 to 30 June 2021. Broadly, the Ruling states that the distributions and franking credits from the capital notes are non-share dividends under s 974-120 of the ITAA 1997 and are assessable. CR 2012/18: National Australia…
The ATO on Wed 20.3.2013, issued Class Ruling CR 2013/20 (Merger of Cromwell Property Fund and Cromwell Property Group). It applies from 1 July 2012 to 30 June 2013. Among other things, the Ruling states that CGT event A1 happened when Cromwell Property Fund unit holders disposed of their units to Cromwell Property Group under the merger as described…
The ATO on Wed 27.3.2013, issued the following Class Rulings: CR 2013/21: Return of capital: Residential – Plus Growth Company Ltd. It applies from 1 July 2011 to 30 June 2015. The Ruling broadly states that the returns of capital are not dividends as defined in s 6(1) of the ITAA 1936. CR 2013/22: Nuplex Industries (Aust) Pty Ltd –…
The Prime Minister has announced that a National Anti-Gang Taskforce will be established to fight gang-related crime across Australia. The Taskforce will be made up of 70 members from the Australian Federal Police and State Police forces and will also include officers from the Australian Crime Commission, Australian Customs and Border Protection, the Department of…
The Tax Office has advised that the General Interest Charge (GIC) and Shortfall Interest Charge (SIC) rates for the 4th quarter of the 2012-13 financial year (ie 1 April 2013 to 30 June 2013) are as follows: GIC annual rate is 9.95%; GIC daily compounding rate is 0.02726027%; SIC annual rate is 5.95%; and SIC daily compounding rate is…
In his first speech as Commissioner of Taxation, Chris Jordan on Thur 14.3.2013, said that while it was still early days and he was not yet ready to present his “fully formulated strategy for change”, he wanted to share some of his early thinking about what he wanted to achieve at the ATO. Mr Jordan gave his…
In a recent speech, Deputy Commissioner Large Business and International, Mark Konza, spoke about the ATO’s compliance approach to large taxpayers. He spoke of 3 initiatives the ATO has been undertaking to increase compliance and minimise risk including: pre-lodgment reviews (PCRs); use of the reportable tax positions schedule; and increased guidance on information gathering and…
The A New Tax System (Goods and Services Tax) Waiver of Tax Invoice Requirement (Creditable Acquisition by a Lessee or Sub-Lessee Following a Sale of a Reversion in Commercial Premises) Legislative Instrument 2013 was registered on the Federal Register of Legislative Instruments on Thur 21.3.2013. It provides that an input tax credit for a creditable…