The AAT has ordered the Commissioner to request a couple (the taxpayers) to make an application for another private ruling in relation to a life insurance payout received following the death of their son. In 2013, the taxpayers’ son died in a motorbike accident. He was employed as a pilot and up to the time…
A notice has been gazetted specifying the repayment incomes and repayment rates for the Student Financial Supplement Scheme (SFSS) for the 2016-17 financial year. The details are: SFSS repayment rates 2016-17 For repayment income in the range Percentage rate to be applied to repayment income Below $54,869 Nil $54,869 to $67,368 2.0% $67,369 to $95,626 3.0% $95,627…
The Chair of the Board of Taxation, Michael Andrew, on Fri 29.4.2016 launched Sounding Board: Ideas for better tax regulation which is an online platform which allows users to submit, discuss and vote on tax system improvement ideas. “Stakeholders with day-to-day experience in navigating the system are encouraged to submit ideas on how to improve the tax system, and provide…
On 29.4.16, the Tax Office issued Taxpayer Alert TA 2016/6 warning individuals about arrangements purporting to divert personal services income (PSI) to a self-managed superannuation fund (SMSF) to avoid paying tax at personal marginal rates. The ATO said it is reviewing arrangements whereby individuals perform services for a client but do not directly receive any (or adequate)…
The State Taxation and Other Acts Amendment Bill 2016 (Vic) was introduced in the Victorian Legislative Assembly on Wed 27.4.2016 following the Victorian Budget. It proposes to amend the following Victorian Acts: the Payroll Tax Act 2007; the Duties Act 2000, the Land Tax Act 2005, the State Taxation Acts Further Amendment Act 2015, the Taxation Administration Act 1997, the Fire Services Property Levy…
The Victorian Budget 2016-17 was handed down on Wed 27.4.2016. Key proposed revenue measures are as follows: Payroll tax tax-free threshold will be increased over 4 years, commencing 1 July 2016. The increase will be phased in as follows: 2016-17 – increase to $575,000; 2017-18 – increase to $600,000; 2018-19 – increase to $625,000; and 2019-20 – increase to $650,000. Payroll…
A taxpayer has been successful before the Victorian Supreme Court in a matter concerning whether it had acquired an “economic entitlement”, such as to invoke the Victorian landholder duty provisions. In August 2012, the taxpayer entered into a Development Agreement (DA) with Melbourne Racing Club (MRC) in relation to the development and sale of certain land to…
The Federal Court had ordered that a letter of request be issued to the judicial authorities of Israel to take or cause to be taken the evidence of the Chairwoman of the Board of Mercantile Discount Bank (MDB), a third party bank located in Israel, and for the production of documents in aid of, or…
On 26.4.16, the Australian Bureau of Statistics (ABS) released taxation revenue figures for 2014-15. It says total taxation revenue collected in Australia increased by $10bn (2.3%) from $435.9bn in 2013-14 to $445.9bn in 2014-15. This was driven by a $10.1bn (4.1%) increase in taxes on income and a $4.3bn (10.5%) increase in taxes on property. Over…
On 26.4.16, the ATO gave notice that it is sending letters to the trustees of SMSF’s which had not lodged annual returns and where the ATO held on information about whether they held any assets. It goes on to say the following. If your clients receive a letter, advise them that we will cancel their…