Wealthy individuals and their private groups: ATO starts “tax assurance talks” [35]

The ATO has released details of its approach to wealthy individuals and their private groups. The ATO says it was taking a “prevention-before-correction approach and ramping up face-to-face engagement with key taxpayers”. Acting Second Commissioner Michael Cranston said most wealthy individuals and their private groups do the right thing; however, some choose to avoid tax,…

*TA 2015/1 : Private company dividends diverted to SMSF – concerns that it might be dividend stripping or ‘non-arm’s length income in the fund [34]

Overview – This Taxpayer Alert describes arrangements where a private company with accumulated profits channels franked dividends to a self-managed superannuation fund (SMSF) instead of to the company’s original shareholders. As a result, the original shareholders escape tax on the dividends and the original shareholders or individuals associated with the original shareholders benefit as members…

ATO ID 2015/9 – No SGC on attributed personal services income (it’s not actual salary and wages) [33]

The ATO, on Fri 17.4.2015, issued ATO ID 2015/9 (Superannuation Guarantee Scheme: attributed personal services income). The ID deals with the following question: Does attributed personal services income attract superannuation guarantee (SG) obligations on the part of the relevant personal services entity? The ID says no, except for actual salary or wages that are paid…

Class Rulings on 1.4.15 [29]

The ATO has issued the following class rulings: Class ruling CR 2015/24 Income tax: Calliden Group Limited Scheme of Arrangement and Special Dividend. The ruling applies from 1 July 2014 to 30 June 2015, and 


 Class ruling CR 2015/25 Income tax: Calliden Group Limited Scheme of Arrangement — Special Dividend — Participants of the…