The ATO says it continues to focus on “higher risk cash economy industries”. The ATO intends to visit or phone around 400 restaurants, cafes, takeaways and mobile food vendors in the Adelaide CBD. The visits will cover registration, record-keeping, super obligations and lodgment history. The ATO also plans to run 2 information sessions for business…
Treasury [on Mon 16.3.2015] issued a proposal paper seeking comments on possible options identified in the Multiple Entry Consolidated (MEC) group tripartite review. Following the recommendations of the review, in the 2014-15 Budget, the Government asked Treasury to consult on a possible amendment to improve the integrity of the tax system by extending a modified…
The ATO has released a consultation paper for comment on proposed administrative arrangements for reporting entity information as required by the tax secrecy and transparency measures in the Taxation Administration Act 1953. The law was amended in 2013 via the Tax Laws Amendment (2013 Measures No 2) Act 2013 to require the Commissioner to publish…
The ATO has advised that Shane Reardon, Deputy Commissioner – Public Groups recently announced his retirement from the ATO after a career which spanned 38 years. The Commissioner has temporarily appointed current Chief Tax Counsel, Jeremy Hirschhorn to the role. Mr Hirschhorn has over 20 years of experience in taxation. He joined the ATO in August 2014 as…
The ATO has reminded tax practitioners that the net medical expenses tax offset (NMETO) is being phased out. To be eligible for the NMETO for 2014-15, individual taxpayers must have received an amount of the tax offset in both of their 2012-13 and 2013-14 income tax assessments. The ATO says that if the taxpayer’s 2012-13…
The ATO has announced it is leading 2 taskforces to combat expanding threats from phoenix businesses and the misuse of trust structures. Speaking about the newly prescribed Phoenix and Trust Taskforces, Acting Deputy Commissioner Will Day said that agencies now have extended information-sharing powers. He said recent figures show that phoenix activity costs the Australian…
The ATO is seeking comments on a draft list of effective lives for assets used in the survey and mapping services industry. It proposes to add the list of effective lives to the Commissioner’s schedule that will apply to new assets purchased and first used, or installed ready to use, on or after 1 July…
The ATO says registered agents who fail to meet their personal tax lodgment and payment obligations: are at risk of breaching the Code of Professional Conduct administered by the Tax Practitioners Board (TPB). Registered agents “have a higher risk setting” in the ATO’s lodgment compliance case selection and are “more likely to be selected” for…
The ATO has published the general interest charge (GIC) and shortfall interest charge (SIC) rates for the period from 1 April 2015 to 30 June 2015. The rates are as follows: the GIC rate is 9.36% the GIC daily compounding rate is 0.02564383% the SIC rate is 5.36%, and the SIC daily compounding rate is…
The ATO [on Wed 25.3.2015] issued the following Class Ruling and Product Ruling: CR 2015/23: National Australia Bank Limited – issue of NAB Capital Notes; and PR 2015/2: Tax consequences for a borrower being charged a discounted home loan interest calculated under Loan Reducer. [LTN 57, 25/3/15]