The Qld Treasurer has announced that Qld businesses with an annual payroll tax liability of less than $20,000 will now only need to lodge payroll tax returns just twice a year, instead of every month. “From next year these small and medium Qld businesses will save time and money on unnecessary red tape and get on…
The State Revenue Legislation Amendment (Electronic Transactions) Bill 2014 (NSW) was introduced in the NSW Legislative Assembly Wed 10.9.2014. The Bill proposes to amend the Duties Act 1997 (NSW) and the Taxation Administration Act 1996 (NSW) to make further provision for the assessment and payment of tax by electronic means. Among other things, the amendments:…
The Tax Practitioners Board (TPB) has released the following updates: Summary of qualifications and experience requirements for registration as a tax (financial) adviser under the standard option – Table summarising the qualifications and experience requirements that apply from 1 January 2016. Qualifications and experience for tax (financial) advisers – Outlines the qualifications and experience requirements for registration…
The Tax Practitioners Board (TPB) Wed 24.9.2014, released for comment the following 2 exposure draft Information Sheets: Draft Information sheet TPB(I) D23/2014 – the meaning of “fee or other reward” for tax (financial) advisers – will assist entities to determine what constitutes a fee or other reward. Draft Information sheet TPB(I) D24/2014 – the sufficient…
The AAT has upheld a period of 3 years during which a de-registered tax agent is prohibited from applying for registration as a tax agent. The applicant commenced practice as a registered tax agent in 2005. He lodged 164 tax returns on the instructions of one of 2 men who had approached him about preparing…
The AAT has upheld a Tax Practitioners Board decision and rejected a tax agent’s application for renewal of her registration as a tax agent. The tax agent had been registered since 1980. The agent had been audited on several occasions by the ATO and adjustments totalling over $500,000 had been made to the assessments of…
The Australian Charities and Not-for-Profits Commission (ACNC) has announced that it plans to revoke the charity status of 400 organisations it believes are no longer operating. These charities are being removed from the ACNC Charity Register as they have not been in contact with the ACNC since its establishment on 3 December 2012, have not responded to…
The ATO on Wed 24.9.2014, registered the following Legislative Instruments exempting low volume non-payers and large volume non-payers covered by the Instruments from having to lodge a Minerals Resource Rent Tax (MRRT) return in light of the repeal of the mining tax for various years as specified in the Instruments: Taxation Administration Act 1953 –…
The Governor-General on Mon 22.9.2014, proclaimed 30 September 2014 as the start date for Schedules 1 to 5 of the Minerals Resource Rent Tax Repeal and Other Measures Bill 2014 (which received Royal Assent on 5 September 2014 as Act No 96 of 2014). As a result, the Schedules will have the following dates of effect for most taxpayers:…
The Government on Tue 9.9.2015, announced that it will be recommending to the Governor-General that he affix by way of proclamation, 30 September 2014 as the commencement date for Schedules 1 to 5 to the Minerals Resource Rent Tax Repeal and Other Measures Bill 2014 (which received Royal Asset on 5 September 2014 as Act No 96 of 2014).…