The Tax and Superannuation Laws Amendment (2014 Measures No 4) Regulation 2014 was registered on Tue 16.12.2014. It amends the Superannuation Industry (Supervision) Regulations 1994 and Income Tax Regulations 1936 to: (i) allow employers to deliver all of their superannuation contributions data to a single location, and (ii) to provide tax exemption for…
This GST Ruling GSTR 2014/2 was issued on Wed 17.12.2014 and outlines the GST treatment of: fees payable for ATM services; surcharges imposed on credit card transactions; and surcharges imposed on debit card transactions. It was previously issued as Draft GSTR 2014/D2 and contains changes. DATE OF EFFECT: Applies both before and after its date…
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…
The ATO has advised that it will acquire details of entities from State and Territory motor vehicle registries for the 2013-14, 2014-15 and 2015-16 financial years. The program will obtain data from the registries for each of the financial years where motor vehicles were sold/transferred or newly registered and the transfer and/or market value is…
The Tax Office has advised that the General Interest Charge (GIC) and Shortfall Interest Charge (SIC) rates for the 3rd quarter of the 2014-15 financial year (ie 1 January 2015 to 31 March 2015) are as follows: GIC annual rate is 9.75% [‘base rate’ of 2.75% + 7%]; GIC daily compounding rate is 0.02671233%; SIC annual rate is 5.75%…
The ATO says it regularly matches data with health insurers to identify taxpayers who received the private health insurance (PHI) rebate through reduced premiums and have claimed them in their income tax return. When this double claim occurs, the ATO says it automatically amends their assessment to remove the rebate. The ATO says it has…
The ATO says it has redeveloped the letters it sends to tax practitioners and their clients regarding reviews of rental, legal and/or borrowing expense claims. Following feedback, the ATO says it will provide information on specific expense claims it is reviewing. It says the re-drafted letters will now identify: return label and amounts in question;…
The ATO says it recently undertook lodgment compliance action against several tax agents who incorrectly advised they had no requirement to lodge personal or business tax returns. The ATO says these tax agents were running active businesses, lodging significant numbers of returns for clients. The ATO notes that registered agents who fail to comply with…
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…
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…