The ATO has established what it calls a Business and Industry Experts Multi-Use List which will consist of experts interested in providing practical business and industry expertise to help the ATO deliver services in the context of the large business tax compliance functions of the ATO. It has called for applications to join the group.…
The ATO on Thur 23.1.2014, announced that red tape around Tax File Number (TFN) applications has been removed following a partnership between the ATO and Australia Post. TFN applications are now simpler and easier, as they can now be applied for online at http://www.ato.gov.au/TFNapply and verified at more than 460 Australia Post retail outlets throughout…
The ATO says that while many businesses have good systems in place, some small businesses occasionally need additional assistance to meet their tax obligations. ATO Deputy Commissioner, Steve Vesperman, said assistance is available on the ATO website, with the new Small Business Assist External Link tool available for all Australian businesses, as well as the…
The ATO on Fri 17.1.2014, reminded taxpayers that a consolidation of trust tax return labels has meant that the labels numbered 64A (income of the trust estate) and 65W (beneficiary’s share of income of the trust estate) in the 2012 trust tax return have been numbered 53A and 54W, respectively, in the 2013 trust tax…
The ATO has advised that, in consultation with the tax profession, it has changed the lodgment due date for all tax agents lodging 2014 FBT returns electronically, regardless of the number of FBT clients they have. The ATO says agents must be appointed as their FBT clients’ registered tax agent and have them added to…
The ATO has issued an update concerning ATO ID 2013/63 (issued in November 2013). The ID concerns circumstances where a trustee of an Australian resident trust makes a foreign resident beneficiary (who is a resident of an information exchange country) entitled to an amount that is reasonably attributable to a fund payment the trust receives from a…
The ATO on Wed 29.1.2.014, issued the following Class Rulings: CR 2014/10: Share consolidation and in specie distribution: Macquarie Group Limited. It applies from 1 July 2013 to 30 June 2014. Broadly, the Ruling states that the dividend component of the distribution must be included in the assessable income of the shareholder. CR 2014/11: Demerger of Orora Limited by…
The ATO on Wed 22.1.2014, released the following Class Rulings: CR 2014/6: The GST treatment of fees and charges imposed by NSW Councils in relation to matters involving administration, animals, approvals/permits, health, impounding and pest control. It applies from 1 July 2013 to all entities who entered into the scheme as described during the term of the…
The ATO on Wed 15.1.2014, issued the following Class Rulings: CR 2014/4: Clough Limited Scheme of Arrangement and Special Dividend. It applies from 1 July 2013 to 30 June 2014. The Ruling broadly states that the special dividend is a dividend for the purposes of s 6(1) of the ITAA 1936. CR 2014/5: Format of mobile phone invoice as evidence…
The ATO on Wed 15.1.2014, issued Product Ruling PR 2014/1 (The tax consequences of entering into a Non-Entity Joint Venture Agreement with Tremplin Limited relating to participation in the National Rental Affordability Scheme (NRAS)). It applies to entities that enter into the scheme from Wed 15.1.2014 to 30 June 2016. The Ruling states that investor entities will be…