The OECD recently recommended that our uncompetitive 30% corporate rate be lowered to the 25% rate applicable to SMEs, which has been echoed by taxpayers and advisers complaining that this ‘two-tiered’ system distorts how businesses grow and structure their operations.
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Australia’s Incoming OECD boss Mathias Cormann and former finance minister, and US Treasury Secretary’s call for a minimum multinationals tax rate, present a potentially “remarkable” opportunity to strengthen global rules.
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The AAT has rejected an application, to adjourn its proceedings, for review of decisions to disqualify the applicants, as trustees of superannuation entities, pending the outcome of challenges to income tax assessments based on the disqualifying transactions.
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On Friday 16 April 2021, the Commissioner of Taxation made an instrument called the JobMaker Hiring Credit Reporting Obligations Amendment Instrument 2021 under s20(4) of the Coronavirus Economic Response Package (Payments and Benefits) Act 2020 and s27(3) of theCoronavirus Economic Response Package (Payments and Benefits) Rules 2020 (the Rules) and this instrument was registered on Tues 20.4.21. Its effect…
The ATO has released a fact sheet on its Legal Database outlining the PAYG withholding and reporting obligations for financial institutions that may arise from making remediation payments, following the Hayne Royal Commission into banking and financial services malpractice (eg. restitution for fees charged for no service). If you’re like me, you might be wondering how compensation…
AustralianSuper chief Ian Silk has accused the Morrison government of introducing “sovereign risk” to the $3 trillion superannuation system – but how could that be so? Is legislation heavily crimping advertising funds really ‘sovereign risk’, or is it the power to promulgate regulations that ban certain superfund transactions? See below for details. [Tax Month –…
The new interim CEO of the Board of Taxation, Ms Kathyrn Davy, has issued the CEO Update – April 2021 – introducing herself, dealing with submissions to its Review of CGT Rollovers Consultation Paper, its new ‘sounding board’ platform, the Tax Transparency Code (which, word has it, is slipping in support) and future meeting dates. See below…
Dr Yellen was appointed chair of US Federal Reserve Bank by President Obama, was not reappointed by President Trump, and when America went back to a Democrat President, Joe Biden appointed her Secretary of the Treasury. In early April 2021, she gave broad brush speech on US tax policy, to the Chicago Council on Global…
Last month [23.3.21] New Zealand Prime Minister Jacinda Ardern announced tax changes that made investing in property less attractive (base broadening and timing disadvantages). The political, regulatory and economic comparisons are interesting.
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The ATO has issued a decision impact statement on Victoria Power Networks Pty Ltd v FCT [2020] FCAFC 169 (see earlier TT article). This upheld the earlier decision of Moshinsky J in the Federal Court (same parties) [2019] FCA 77 – holding that contributions, customers made to Distributors, were ‘ordinary income’ but the Court changed…