DRAFT Treasury Laws Amendment (Enterprise Incentives) Bill 2016: no s1274 public disclosure for ordinary share ESS interests, not listed, only offered to employees – if issuer is sub-10 year incorporated and sub-$50m turnover

As part of the National Innovation and Science Agenda, the Government is taking steps to make it easier for employers to provide incentives to their employees through Employee Share Schemes (ESS). In particular, the Government has committed to: limit the requirement for disclosure documents given to employees under an eligible ESS and lodged with the…

Crowdfunding – ATO’s discussion paper about the tax implications for the ‘Promoter’, ‘Intermediary’ and ‘Contributors’

Overview – Crowdfunding is the practice of using internet platforms, mail-order subscriptions, benefit events and other methods to find supporters and raise funds for a project or venture. As the industry expands and new developments arise, we will review and update the information. If you’re involved in crowdfunding – regardless of your role – you…

CR 2016/81-83 – Special dividend in Ascanio Scheme of Arrangement; early retirement schemes by ‘Ward McKenzie’ and ‘Henwood Downs’

On Wed 26.10.2016, the Commissioner issued the following Class Rulings: CR 2016/81: Asciano Limited – Scheme of Arrangement and Special Dividend. It applies from 1 July 2016 to 30 June 2017. CR 2016/82: the “Ward McKenzie Early Retirement Scheme 2016”. It applies from 26 October 2016 to 31 December 2016. CR 2016/83: the “Henwood Downs Early Retirement Scheme 2016”. It applies from 26 October 2016…

PCG 2016/D16 on the meaning of ‘fixed interests’ and ‘fixed trusts’ including the Commissioner’s power to treat interests as ‘fixed’ under s272-5 of the ITAA36, Schedule 2F (relating to trust losses)

On Wed 26.10.2016, the Commissioner released Draft Practical Compliance Guideline PCG 2016/D16 relating to the meaning of ‘fixed entitlements’ in ‘fixed trusts’ as defined in the trust loss provisions. This affects not only the requirements for a trust to carry forward losses but also a large number of provisions in income tax law, which are…

PCG 2016/D16 – Draft ATO guidance on the operation of the ‘fixed trust’ requirements in Income Tax and GST law – including the Commissioner’s power to treat relevant trust interests as ‘fixed’ when they would not otherwise be

What this draft Guideline is about 1. This draft Guideline outlines the factors that the Commissioner will consider when deciding whether to exercise the discretion to treat an entitlement as being a fixed entitlement, which results in a trust being treated as a fixed trust under the trust loss provisions. The Commissioner must determine whether to exercise…

G20/OECD BEPS Project – network of more than 1,000 relationships now in place to automatically exchange information between tax authorities

20/10/2016 – Today, as a further step to implement the OECD Common Reporting Standard (CRS), the first series of bilateral automatic exchange relationships were established among the first batch of jurisdictions committed to exchanging information automatically as of 2017. With still a year to go before the first exchanges of information on financial accounts pursuant to…

G20/OECD BEPS Project – Action 14: effective dispute resolution mechanisms to resolve tax treaty-related disputes – Key documents released to implement Mutual Agreement Procedure for ‘peer review and monitoring’

20/10/2016 – Today the OECD released key documents, approved by the Inclusive Framework on BEPS, that will form the basis of the Mutual Agreement Procedure (MAP) peer review and monitoring process under Action 14 of the BEPS Action Plan. The Action Plan on Base Erosion and Profit Shifting identified 15 actions to address BEPS in a…

Re NZWINEIMPORTS Pty Ltd and FCT – AAT rules that WET and GST liability of wine importer to be recalculated

The AAT has found that the Wine Equalisation Tax (WET) and the related GST liability of an Australian importer of New Zealand wine was to be recalculated on the basis that the Commissioner had adopted the wrong methodology in calculating the taxpayer’s WET liability in the circumstances. In arriving at its decision, the AAT essentially found that the taxpayer’s approach…

SMSF trustees using LRBAs to acquire assets – ATO announces voluntary survey to gather information (and NOT for compliance purposes)

The ATO will be contacting some self-managed super fund (SMSF) trustees in November 2016 to participate in a survey about the use of limited recourse borrowing arrangements (LRBA) to acquire assets for their SMSF. The ATO said the survey is part of research to learn more about SMSFs’ use of LRBAs. It said participation is voluntary and…

Law Enforcement Legislation Amendment (State Bodies and Other Measures) Bill 2016 introduced – greater access to Cwth information and powers to state authorities and rectifying meaning of ‘lawfully acquired’ (proceeds of crime)

The Government introduced the Law Enforcement Legislation Amendment (State Bodies and Other Measures) Bill 2016 into the House of Reps on Wed 19.10.2016. This Bill will amend the Anti-Money Laundering and Counter-Terrorism Financing Act 2006, Australian Postal Corporation Act 1989, Crimes Act 1914, Criminal Code Act 1995, Privacy Act 1988, Proceeds of Crime Act 2002,…