Speaking at the Tax Institute’s 7th Annual Tax Reform Thur 22.5.2014, ATO Deputy Commissioner, Mark Konza, provided some insights into the work the ATO and Treasury are currently undertaking in relation to the OECD’s base erosion and profit shifting (BEPS) Action Plan. Mr Konza said the ATO supports Treasury in its consideration and advice to…
On 16 May 2014, the Parliamentary Secretary to the Treasurer, Steven Ciobo, delivered an address to the Clayton Utz BEPS Workshop. Mr Ciobo said “restoring trust in the international tax system on a multilateral basis cannot be achieved by OECD countries acting alone and the G20/OECD BEPS Project has been inclusive, incorporating non-OECD G20 countries into the…
ATO Deputy Commissioner, Tim Dyce, on Thur 22.5.2014, delivered a speech on the ATO’s administration of the promoter penalties regime and recent court decisions at the Tax Institute’s 7th Annual Tax Forum. Mr Dyce said the ATO’s approach to promoter risks is to act quickly to stop the proliferation of potential tax avoidance and tax…
On 10 May 2014, the Tax Commissioner made his closing remarks at the G20 Tax Symposium held in Tokyo, Japan. A key issue raised by a broad range of representatives was the need to improve the international tax system. “While there are differences of opinions, the discussion over the past 2 days demonstrated a significant amount of goodwill…
Pursuant to s 140-20 of the Higher Education Support Act 2003, 1.026 is the indexation factor to be used in working out accumulated HELP debts for the 2013-14 financial year. The effective percentage increase is 2.6%. Pursuant to s 12ZF(7A) of the Student Assistance Act 1973, 1.026 is also the indexation factor that is applicable in working…
The Tax Commissioner has released a “refreshed” version of Large business and tax compliance booklet. Mr Jordan said the publication “seeks to provide a tangible demonstration of [the ATO’s] commitment to transparency and accountability”. He said he was also “pleased to see the mutual expectations outlined in the LBTC publication are already being used to guide…
The ATO on Wed 14.5.2014, released: Class Ruling CR 2014/43 (Goodman Group: Tax Exempt Employee Share Plan). It applies from 1 July 2012. Broadly, the Ruling states that the securities acquired by participants in the tax exempt employee share plan are ESS interests as defined under s 83A-10(1) of the ITAA 1997. [LTN 91, 14/5/14]
The ATO on Wed 7.5.2014, issued the following Class Rulings: CR 2014/41: Aviva Corporation Limited: return of capital. It applies from 1 July 2013 to 30 June 2014. Broadly, the Ruling states that the return of capital to shareholders is not a dividend as defined in s 6(1) of the ITAA 1936. CR 2014/42: Scrip-for-scrip: exchange of shares in Envestra…
This Determination, issued on Wed 28.5.2014, outlines the accounting principles that need to be followed in order for a financial report to satisfy Div 230 of the ITAA 1997 (Taxation of Financial Arrangements or ‘TOFA’ provisions). It states that a financial report must be prepared in accordance with those accounting standards and authoritative pronouncements of the…
The ATO on Wed 14.5.2014, released Taxation Determination TD 2014/11. It specifies that, for the purposes of s 39A of the FBTAA, the car-parking threshold for the FBT year that commenced on 1 April 2014 is $8.26 (up from $8.03 that applied in the previous year). [LTN 91, 14/5/14]