The ATO is inviting small business owners to apply to join its new small business consultation panel to help boost the agency’s small business expertise. Small business operators interested in applying must have an annual turnover of less than $2m and have at least 2 years experience running a business. However, taxation, consulting or accounting…
The Tax Office has advised that the General Interest Charge (GIC) and Shortfall Interest Charge (SIC) rates for the 4th quarter of the 2013-14 financial year (ie 1 April 2014 to 30 June 2014) are as follows: GIC annual rate is 9.63%; GIC daily compounding rate is 0.02638356%; SIC annual rate is 5.63%; and SIC daily compounding rate is…
The ATO on Thur 13.3.2014 released an updated Practice Statement Law Administration PS LA 2008/5 – Private advice, guidance and objections – requests for further information, intended use of third party information and notification of the use of assumptions. The ATO says the update is a substantial revision to: expand concepts to oral rulings, administratively…
The ATO on Wed 5.3.2014, issued ATO ID 2014/10 (Entitlements to franking credits in an employee remuneration arrangement: Commissioner’s discretion). The ID deals with the following: Is the conclusion that a beneficiary of a unit trust cannot satisfy the qualification period in the former s 160APHO of the ITAA 1936 a relevant matter for the Commissioner…
The ATO on Wed 19.3.2014, released the following Class Rulings: CR 2014/28: GDI Property Group – creating a new stapled security. It applies from 1 July 2013 to 30 June 2014. Broadly, the Ruling states that Australian resident unitholders are able to choose scrip-for-scrip rollover on the disposal and replacement of their units. CR 2014/29: Government funded payments made…
The ATO on Wed 12.3.2014, issued Product Ruling PR 2014/4 (Soleir Solar Investment Project 2015). It applies from Wed 12.3.2014 to entities that enter into the scheme from 28 April 2014 until 31 October 2014. Broadly, the Ruling sets out the assessable income, allowable deductions as well as small business concessions available to entities that participate in the scheme.…
The ATO on Wed 12.3.2014, issued the following Class Rulings: CR 2014/26: FBT: employer clients of Universal Gift Card Pty Ltd who make use of Universal Gift Card Pty Ltd’s Minor expenses card. It applies from 1 April 2013. Broadly, the Ruling states that the provision of the card by the employer to employees does not give…
The ATO Wed 5.3.2014, released the following Class Rulings: CR 2014/24: Scrip-for-scrip: exchange of securities in Atlassian Corporation Pty Limited for securities in Atlassian Corporation PLC. It applies from 1 July 2013 to 30 June 2014. Among other things, the Ruling states that subject to certain qualifications, shareholders who make a capital gain from the disposal of their shares…
The ATO on Wed 5.3.2014, issued an Erratum to Taxation Determination TD 2014/1 (Is the “dividend access share” arrangement of the type described in this Taxation Determination a scheme “by way of or in the nature of dividend stripping” within the meaning of s 177E of Pt IVA of the ITAA 1936?) to correct the date of…
This Draft TD, issued on Wed 12.3.2014, states that a UK resident company that beneficially owns a dividend paid by an Australian resident company, “holds directly” at least 10% of the voting power in the Australian company for the purposes of Article 10.2(a) of the Australia-UK DTA (the Dividends article) in the following circumstances: a…