The following ACT Bills has passed the ACT Legislative Assembly and await notification: Payroll Tax Amendment Bill 2014 – passed with an amendment, the Bill amends the Payroll Tax Act 2011 (ACT) to remove the exemption provided to employment agents on wages paid to subcontractors simply due to being a “genuine employer”. By removing the…
Professional associations may be accredited by Tax Practitioners Board (TPB) as a recognised tax agent, BAS agent or tax (financial) adviser association if they meet certain requirements in the Tax Agent Services Regulations 2009 (TASR). The Board has released a list of tax and BAS agent associations accredited by the Board on its website. The TPB has also released…
The Tax Practitioners Board (TPB) has released the following proposed guidelines as exposure drafts for comment: TPB(PG) D04/2014 Course in Australian taxation law that is approved by the Board for tax (financial) advisers; and TPB(PG) D05/2014 Course in commercial law that is approved by the Board for tax (financial) advisers. The exposure drafts aim to…
From 1 September 2014, the ATO will be contacting some businesses, or their registered contacts, about the need to lodge and pay electronically to avoid penalties. The ATO has reminded businesses with a GST turnover of $20m or more that they are required to lodge their BASs electronically and to pay their tax debts electronically. Where businesses…
The Australian Charities and Not-for-Profits Commission (ACNC) has revoked the charity status of 246 Australian charities it has not been able to locate. “The ACNC has been unable to locate or contact these charities despite an exhaustive search. Accordingly, the ACNC has revoked the registration of these charities on the basis that they are no…
ATO Assistant Commissioner, Public Groups and International, Peter O’Reilly, delivered a speech at the Tax Institute National Superannuation Conference on 14 August 2014. Mr O’Reilly provided an update on ATO audit and review activities in the super sector and said the ATO’s assessment was that, “APRA funds are, by and large, generally compliant with their income tax…
The ATO on Mon 11.8.2014 issued ATO ID 2014/26 which provides that a complying superannuation fund can claim a deduction under s 70B of the ITAA 1936 for the full amount of a loss it incurred on the disposal or redemption of a traditional security where the traditional security is not a segregated current pension asset…
According to the ATO, more than id=”mce_marker”4bn in lost super is waiting to be claimed. The ATO said $8bn in super was sitting in accounts that have not received a contribution in 5 years. A further $6bn in super was sitting in accounts were funds have not been kept up-to-date with changes to personal details. ATO…
The Superannuation Laws Amendment (2014 Measures No 1) Regulation 2014 was registered Tue 26.8.2014. It contains amendments to the SIS regs and the RSA regs that are minor and technical in nature which relate to: verification of SMSF and member details; timeframes for rollover and transfers; unique contribution identifiers; amendments to the life insurance definition;…
This Draft Determination, released Wed 20.8.2014, states that a “destination outside Australia” for the purposes of s 38-355(1) of the GST Act [which makes the transport of persons GST-free] is a specific physical location outside Australia stopped at by the ship where that location is significant to the passenger having regard to facts and circumstances considered…