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]
The ATO [on Wed 18.3.2015] released Class Ruling: CR 2015/22 – Australia and New Zealand Banking Group Limited – ANZ Capital Notes 3. [LTN 52, 18/3/15]
The ATO [on Wed 11.3.2015] released the following Class Rulings: CR 2015/20: Off market share buy-back – Intrepid Mines Limited; and CR 2015/21: Bonus share plan: Whitefield Limited. [LTN 47, 11/3/15]
The ATO [on Wed 4.3.2015] released the following Class Rulings: CR 2015/18: Off market share buy back: U&D Coal Limited; and CR 2015/19: Grants provided by the Australian Sports Commission under dAIS. [LTN 42, 4/3/15]
The ATO [on Wed 25.3.2015] released 5 Taxation Determinations dealing with FBT rates, thresholds, etc for the 2015-16 FBT year (ie the FBT year commencing on 1 April 2015). TD 2015/4: for the purposes of s 28 of the FBTAA the indexation factors for valuing non-remote housing are: NSW – 1.032; Vic – 1.020; Qld – 1.022; SA – 1.020; WA…
On Wed 18.3.2015, the ATO released Taxation Determination TD 2015/3, which ruled that ‘The interest’ referred to in the phrase at the end of subsection 974-80(2) is the interest held by the ‘ultimate recipient’ and not the interest held by the ‘connected entity’. The Determination goes on the explain: Division 974 contains rules for classifying an…
The ATO released Taxation Determination TD 2015/2 on Wed 18.3.2015, ruling that s974-80(1)(d) will not be satisfied: “ merely because a non-resident entity has chosen to invest indirectly in a debt interest issued by an Australian resident company and there is one or more equity interests interposed between the non-resident entity and the entity holding the…
The ATO has issued a draft ruling explaining specific income tax issues that affect: bodies corporate constituted under strata title legislation; and proprietors of a lot held under that legislation. In particular, it sets out the principles that determine which entity holds property for the purposes of determining: the assessability of income and the deductibility…