NSW: State Revenue Legislation Amendment Bill introduced – widen Council payroll tax exemption; make further provision for ‘corporate reconstruction’ duty relief

The State Revenue Legislation Amendment Bill 2016 (NSW) was introduced in the NSW Legislative Assembly on 22 March 2016. The key amendments are as follows: amends the Payroll Tax Act 2007 (NSW) to extend an exemption from payroll tax applying to wages paid by a wholly-owned subsidiary of a local council to wages paid by a body corporate wholly owned by…

DCT v Frangieh (No 2) – Secrecy provisions not breached by ATO when tax return tendered in civil matter

The NSW Supreme Court has held that a Deputy Commissioner did not disclose protected information when a copy of the taxpayer’s tax return was tendered in civil proceedings against the Deputy Commissioner. The Deputy Commissioner had issued recovery proceedings against the taxpayer. In an amended statement of claim, it was alleged the taxpayer owed $3.3m…

OECD releases standardised electronic format for exchange of BEPS Country by Country (CbC) reports of tax information

On Tuesday 22.3.16, the OECD released its standardised electronic format for the exchange of Country-by-Country (CbC) Reports between jurisdictions – the CbC XML Schema – as well as the related User Guide. The CbC XML Schema is part of the OECD’s work to ensure the swift and efficient implementation of the BEPS measures. CbC Reports, to be electronically transmitted…

GSTD 2016/D1 – GST: incorrect increasing adjustments for supplies – the Commissioner proposes to rule that Div 142 would preclude a refund unless the ‘excess’ has been refunded to the recipient

The Commissioner released Draft GST Determination GSTD 2016/D1, on Wed 23.3.2016. It considers whether Div 142 of the GST Act (about restrictions on GST refund) can apply to prevent refunds of incorrectly imposed increasing adjustments for supplies and concludes it can. Under Div 142, a supplier is generally not entitled to a refund of overpaid GST until the…

The 2013-14 Report on Entity Tax Information – Tax Transparency Report for 321 Privately Owned Australian Entities

Tax Transparency: reporting of entity tax information In making this private companies report, the Commissioner recognises that he has a legislative duty to report certain specified information (including the amount of tax paid) by certain corporate tax entities for the 2013–14 income year and later income years under s3C of the Taxation Administration Act 1953 (TAA). These…

ATO releases tax information on over 300 Australian-owned private companies

On Tue 22.3.2016, the ATO published certain tax information of 321 Australian-owned resident private companies. The report – 2013-14 Corporate Report of Entity Tax Information – is part of a broader domestic and global push for improved corporate transparency and is designed to serve to inform public debate about tax policy. To access the private companies data,…

Qld payroll tax: Can Barz Pty Ltd & Anor v Comr of State Revenue & Ors – garnishee notices to purchasers of trust property invalid

In a decision handed down on Mon 21.3.2016, the Qld Supreme Court held that garnishee notices issued to the purchasers of a property held on trust were invalid. The taxpayers, a custodian company and 2 individual trustees of a self-managed superannuation fund (SMSF), had a payroll tax liability under the grouping provisions of the Payroll Tax Act…

Re Miley and FCT – Small Bus CGT relief: AAT decided that taxpayer passed the $6m test by applying a discount to actual proceeds on the basis that it was a non-controlling interest (despite control passing by others joining to sell all the shares)

The Commissioner has appealed to the Federal Court against the decision in Re Miley and FCT [2016] AATA 73. In that case, the AAT ruled that the “market value” of a parcel of shares that a taxpayer sold in a private company in an arm’s length transaction (together with the other 2 shareholders’ shares in the company) was…

Tax Laws Amendment (Implementation of the Common Reporting Standard) Bill 2016 – received Royal Assent as Act No 23 of 2016 – inserting new Subdiv 396-C (after the FATCA provisions)

Tax Laws Amendment (Implementation of the Common Reporting Standard) Bill 2016 – received Royal Assent as Act No 23 of 2016. The Bill amends Sch 1 to the Taxation Administration Act 1953 to insert a new Subdiv 396-C to require certain financial institutions in Australia (known as Reporting Financial Institutions) to report information to the Commissioner about financial accounts…

Superannuation Legislation Amendment (Choice of Fund) Bill 2016 – freedom to chose superannuation fund extended to employees under enterprise agreements / workplace determinations made after 1 July 2016

The Superannuation Legislation Amendment (Choice of Fund) Bill 2016, introduced in the House of Reps on Thur 17.3.2016, proposes to extend superannuation choice of fund to employees covered by enterprise agreements and workplace determinations made from 1 July 2016. Currently, employers who make contributions in accordance with an enterprise agreement or workplace determination are deemed to comply with…