This Draft GST Determination, issued Wed 2.4.2014, states that the supply of a credit card facility will be GST-free under para (a) of Item 4 in s 38-190(1) of the GST Act to the extent it is intended that the cardholder will use the facility to undertake a transaction when they are physically outside Australia. This…
The AAT has held that a retirement village developer’s input tax credit (ITC) entitlements for certain acquisitions for the relevant periods was 13%, but remitted to the Commissioner consideration of its ITC entitlement of other acquisitions. The taxpayer company is a member of a GST registered group comprised of 6 members that operate retirement villages.…
The ATO has gazetted a notice announcing that it will request and collect online selling data relating to registrants that sold goods and services of a total value of id=”mce_marker”0,000 or greater in either or both of the financial years 2011-12 and 2012-13. The ATO says it will seek data from eBay Australia & New…
In a speech to an ATAX conference on Mon 14.4.2014, the Commissioner said the early results from the ATO’s Project DO IT: Disclose offshore income today are promising and show there have so far been 16 disclosures and 33 expressions of interest from others who intend to make a disclosure. Mr Jordan said the ATO is…
The ATO has announced data-matching programs targeting Childcare Service and Educator Payments and taxable payments and grants from the Qld Government. The ATO said the programs help it identify non-compliance with lodgment and payments obligations under the tax law. Details of the programs are as follows: Childcare Service and Educator Payments – the ATO says…
The Government has announced that the ATO has on Tue 1.4.2014, taken over responsibility for the Small Business Superannuation Clearing House. There are now 58,000 employers registered with the clearing house. The Government said it was also “encouraging the other 700,000 businesses that are potentially eligible to use the clearing house, to sign up”. Further…
This Draft, released on Wed 16.4.2014, explains a process for transfer pricing documentation when ATO officers conduct a review of transfer pricing. The ATO says the transfer pricing documentation requirements of an entity as outlined in s 284-255 of the TAA will be met where the entity has made its best efforts to comply with those…
This Draft, released on Wed 16.4.2014, concerns the ATO’s administration of transfer pricing penalties under s 284-145(2B) of Sch 1 to the TAA for income years commencing on or after 29 June 2013. It explains: when an entity will be liable for a transfer pricing penalty. Basically, an entity will be liable to a scheme penalty under s 284-145(2B) where…
The ATO has released an updated version of Practice Statement Law Administration PS LA 2003/12, amended as at 10 April 2014. The Statement deals with the CGT treatment of a trustee of a testamentary trust for the purposes of Div 128 of the ITAA 1997. The amendments to PS LA 2003/12 update the Preamble and insert a new…
The ATO on Wed 16.4.2014, released Class Ruling CR 2014/39: Income tax: Microsoft Corporation 2001 Stock Plan. The Ruling states that the Stock Awards (SAs) acquired by Participants under the Microsoft Corporation 2001 Stock Plan are ESS interests for the purposes of s 83A-10(1) of the ITAA 1997 and that Subdiv 83A-C applies in relation to the…