The Government, on Thursday 5.5.2016, announced the release of the Government’s response to the Senate Economics References Committee’s report on the Inquiry into Digital Currency: ‘Digital currency – game changer or bit player’ released 4 August 2015. In announcing the release of the Government’s response, the Assistant Treasurer said the Government was “committed to fostering innovation in the…
On Fri 6.5.2016, the ATO released Practical Compliance Guideline PCG 2016/7 (GST Joint Ventures in the energy and resource industry). The ATO says the Guideline provides a practical compliance approach to the GST treatment of supplies made between 2 GST joint ventures with common participants, as well as supplies made involving a GST joint venture where the supplier is…
The House of Representatives Standing Committee on Tax and Revenue on Thursday, 5.5.2016, tabled its first report in the House of Reps on the 2015 Annual Report of the ATO. The Committee made the following recommendations: That the ATO make a clear public statement of its timetable for the transition to the new tax agent platform. In order…
On 5 May 2016, the House of Representatives Standing Committee on Tax and Revenue tabled its report on the external scrutiny of the ATO in the House of Representatives. The terms of reference asked the Committee to consider in detail the issues of duplication and overlap, cost to government, and differential regulation. After considering these issue, the…
The Private Ancillary Fund and Public Ancillary Fund Amendment Guidelines 2016 were registered on Wed 4.5.2016. It amends the Private Ancillary Fund Guidelines 2009 and the Public Ancillary Fund Guidelines 2011 to, among other things: update the Private Ancillary Fund Guidelines 2009 to reflect improvements incorporated in the later made Public Ancillary Fund Guidelines 2011; introduce portability into the Private Ancillary Fund Guidelines 2009; update…
COMPANY TAX CUT: In the 2016-17 Federal Budget, the Government announced that it would reduce the company tax rate to 25% over 10 years. The reduction will be phased in, depending on the company’s size (ie it’s aggregated annual turnover). Small businesses will benefit sooner. The phase-in for all companies will be completed in the…
On Thursday 5.5.2016 the Commissioner registered the Excluded Classes of Transactions and Entities for Third Party Reports on Shares and Units Determination 2016. The Legislative Instrument exempts classes of transactions from having to be reported to the Commissioner, and to exempt certain entities from having to prepare and lodge reports under the new s396-55 Subdiv 396-B – Information…
The GST-free Supply (National Disability Insurance Scheme Supports) Amendment Determination 2016 (No 1) was registered on 2 May 2016 and commenced 1 day later on 3 May 2016. It extends the operation of the determination 12 months. The original (2013) Determination was made by the Disability Services Minister under s38-38(1)(d) of the GST Act and and specifies 22 kinds of…
The High Court has granted the taxpayers special leave to appeal against the Full Federal Court decision in Bywater Investments Ltd & Ors v FCT [2015] FCAFC 176. The Full Federal Court had dismissed the taxpayers’ appeals from 2 Federal Court decisions that had held the taxpayers were residents of Australia for tax purposes and were liable to pay…
The Foreign Investment Review Board (FIRB) says the 2016-17 Federal Budget makes important protections to the integrity of Australia’s tax base, designed to ensure that all individuals and businesses pay the right amount of tax. Following the Treasurer’s 22 February 2016 announcement that standard tax conditions would be applied to foreign investment approvals, there have been consultations…
