The ATO recently agreed to settle with eligible inbound tour operators (ITOs) that have treated their margins as being subject to GST. An ITO is not obliged to take up the offer. The settlement offer If you are an eligible ITO and you want to take up the offer: The ATO will pay 75% of…
On Wednesday 13.1.2016, the ATO issued a Draft Addendum to GST Ruling GSTR 2012/3 on the GST certain services in a ‘serviced apartment’ in retirement villages under s38-25 of the A New Tax System (Goods and Services Tax) Act 1999 (‘GST Act’). The Draft would GSTR 2012/3 to broaden the Commissioner’s view on the meaning…
On Wed 27.1.2016, the ATO issued GST Determination GSTD 2016/1 on whether employers can claim input tax credits (ITCs) for expenses paid on behalf of superannuation funds. The Determination notes that an employer may, for “administrative convenience”, pay expenses on behalf of a fund, with the payment being re-classified as a superannuation contribution in the…
Accountants providing advice on self-managed super funds (SMSFs) will have to be appropriately licensed, under the AFS Licensing framework, before July 1 2016. ASIC recently set a ‘soft’ deadline for limited AFSL applications – stating that accountants who lodge their applications after 1 March 2016 run a “significant risk’ of not being assessed by the…
The Australian Charities and Not-for-profits Commission (ACNC) is warning thousands of charities, yet to complete their 2015 Annual Information Statement, that there are serious consequences for not meeting this core obligation. ACNC Commissioner, Susan Pascoe AM, urged charities to act now as 31 January 2016 is the due date for the 2015 Annual Information Statement…
On 11 December 2015 the Board released its consultation paper on the tax transparency code. This paper includes the Board’s preliminary findings and recommendations to Government. It is intended to facilitate additional consultation. Background – As part of the 2015 Budget, on 12 May 2015 the Treasurer wrote to the Board of Taxation to ask it…
The AAT has rejected a tax agent’s appeal and upheld the Tax Practitioners’ Board decision not to re-register her as a tax agent as she did not meet the “fit and proper person” test. The Tribunal said the agent was a trustee of a self-managed super fund (SMSF) and the ATO had in October 2012 determined she…
The Commissioner of ACT Revenue has been successful before the Appeals Tribunal of the ACT Civil and Administrative Tribunal in setting aside a previous decision to reduce penalty tax imposed on a taxpayer for a payroll tax default. At first instance, the ACT Civil and Administrative Tribunal was satisfied that, due to the ill health…
Two taxpayers have been unsuccessful before the Victorian Civil and Administrative Tribunal in seeking exemptions under either sections 34 (property vested in apparent purchaser) or 36 (property passing to beneficiaries of a fixed trust) of the Duties Act 2000 (Vic) in relation to a property purchased in the names of the parents of the first…
Tax Technical – Monthly News – January 2016 Developments – This is a collection of developments in Australian tax law and practice that occurred in January 2016 and which aims at being of relevance to tax practioners.* Compiled By F John Morgan A member of the Victorian Bar (www.FJMtax.com) Liability limited by a scheme approved…