On Wed 30.3.2016, the ATO issued the following Class Rulings and Product Ruling: Class Ruling CR 2016/18: FBT: employer clients of Community CPS Australia Limited trading as Beyond Bank Australia who are subject to the provisions of either s 57A or s 65J of the FBTAA and make use of the Salary Packaging Card facility; Class Ruling CR 2016/19: Liquidation…
More than 60% of all Australia’s small businesses are already on board with SuperStream. If your business is not one of them, you’ve got just 100 days remaining to get it done. With the 30 June 2016 rapidly approaching, the Australian Taxation Office (ATO) is encouraging small businesses to make becoming SuperStream ready a priority.…
On Thur 24.3.1016, the ATO issued 2 Draft Law Companion Guidelines on the new small business restructure roll-over in Subdiv 328-G of the ITAA 1997, which takes effect on 1 July 2016. Draft Law Companion Guideline LCG 2016/D2 explains the consequences and adjustments that occur when the transferor and transferee choose to apply the small business restructure roll-over. This is…
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…
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…
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…
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…
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…
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,…
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…
