Key Tax News – On 11 December 2018, the European Commission announced new details for a coordinated, EU wide, VAT system for sale of goods by ‘large online market places’, into the EU, using a single ‘one-stop-shop’ approach, to registering, for sales into any and all EU member states (based on the e-services’ model already in…
Key News Summary – there is growing momentum to leave the October 2018 Consultation Paper approach, to reforming ‘Division 7A’, in favour of something more sensible – including reverting to the approach suggested by the Board of Taxation, in its 2014 Report. The Tax Institute said that in their opinion, the Government’s approach in…
Key News Summary – The Commissioner has issued a draft Law Companion Ruling supporting the still unlegislated ‘non-arm’s length expenditure’ (NALI) extension to the NALI provisions for superannuation funds On wed 19.12.2018, the ATO issued Draft Law Companion Ruling LCR 2018/D10, which discusses the proposed amendments to the non-arm’s length income (NALI) rules where a…
Key News Summary – to assist with the coming anti-hybrid mismatch rules, the Commissioner has issued Draft Law Companion Ruling LCR 2018/D9 and Draft Practical Compliance Guideline PCG 2018/D9. On Wed 19.12.2018, the ATO issued 2 products – Draft Law Companion Ruling LCR 2018/D9 and Draft Practical Compliance Guideline PCG 2018/D9 – on the recently…
Key News Summary – The ATO has issued a draft determination that ‘credit card providers’ acquisitions are only partly creditable, as the supply of the credit to the customer is input taxed (as a financial supply) but the supply of payment services, to the merchant, is not. On Wed 19.12.2018, the ATO issued Draft…
Key News Summary – ATO reminds auditors of SMSFs, of the fund’s SIS reg 8.02B obligation to have assets in their accounts at ‘market value’ and their obligation to verify this market value (though not to do their own valuation). Auditors must be accredited, by ASIC, to audit SMSFs, and the ATO points out that…
Key News Summary – a director was held liable for almost $160,000 of a company’s PAYGw liabilities, under the DPN provisions, because the company’s instalment payments were not made under any agreement to pay the company’s parallel (DPN) liabilities first, and so were allocated to liabilities to the ATO on the PS LA 2011/20 basis…
Key News Summary – a Labor government would change the laws to give employees a legal right to collect their own superannuation and the Commonwealth the right to impose fines of 10% and 300% of un/under paid superannuation contributions, if there are misleading statements or under-reporting to the ATO (respectively) On 16.12.18, the Shadow…
Key News Summary – the Treasurer announced an extension of the age, up to which an individual can get the tax-free portion of ‘genuine redundancy payments’ and ‘early retirement scheme’ payments. The age will be extended to match the increasing age threshold for the Age Pension. On 15.12.18, the Treasurer announced a change to…
Key News Summary – High Court answered a question off law, finding that the Family Court had the power to order that a wife’s debts owed to the Commissioner of Taxation, could be transferred to the husband but, but it refused to order whether it should be, in this case, as the case was only…