On Wednesday 14.1.15, the ATO issued Addenda to the following GST Ruling and GST Determination: GSTR 2009/3: Cancellation fees; and GSTD 2012/4: What is “hospital treatment” for the purposes of s 38-20 of the GST Act? [LTN 8, 14/1/15]
The ATO on Wed 28.1.2015, issued GST Determination GSTD 2015/1 which states that the supply of brokerage services that facilitate the sale or purchase of financial products on overseas securities or futures exchanges is a GST-free supply under para (a) of item 4 in the table in s 38-190(1) of the GST Act (Item 4). The Determination…
A company has been successful before the AAT in discharging the burden of proof that GST and income tax assessments issued to it following an audit by the Commissioner were “excessive”. [See article under AAT cases – above.] [LTN 17, 28/1/15]
On 12 December 2014, the Tax and Superannuation Laws Amendment (2014 Measures No 6) Bill 2014 received Royal Assent. The Bill includes amendments that extend the existing business restructure roll-overs available where a member of a company or unit holder in a unit trust can defer the income tax consequences of transactions that occur in the course…
In the keynote address on Tue 20.1.2015, at the Australasian Tax Teachers’ Association 27th annual conference, ATO Second Commissioner Andrew Mills outlined some of the recent changes and developments at the ATO. Mr Mills said the ATO supports the creation of a separate area within the ATO to manage disputes for all taxpayers. As was…
This Practice Statement, released on Thur 15.1.2015, sets out the ATO policy on the settlement of tax and super disputes including disputes involving debt. It states that settlement negotiations or offers can be initiated by any party to the dispute and can occur at any stage including prior to assessments being raised. The ATO notes…
The ATO on Fri 30.1.2015, issued the following IDs: ATO ID 2015/2: Superannuation: superannuation benefits: Journal entry insufficient to constitute payment of a death benefit; and ATO ID 2015/3: Superannuation: death benefits: a member’s benefits must be “cashed” upon death. [LTN 19, 30/1/15]
The ATO on Fri 23.1.2015, issued ATO ID 2015/1 (FBT: exempt benefits: work-related counselling – training courses or activities for employees being made redundant). According to the ID, the payment for, or reimbursement of, a training course or activity provided under a worker retraining program by an employer to an employee being made redundant does…
The ATO on Wed 28.1.2015, issued the following Class Rulings: CR 2015/4: The Belmont Christian College Limited 2014-15 Early Retirement Scheme; CR 2015/5: Scrip-for-scrip roll-over: acquisition of units in Folkestone Social Infrastructure Trust by Folkestone Education Trust; and CR 2015/6: GDF SUEZ International Employee Share Ownership Plan. The ATO also issued an Addendum to Class…
The ATO on Wed 14.1.2015, issued the following Class Rulings: CR 2015/1: Income tax and FBT: customers of Fleet Partners Pty Ltd who use the Fleet Partners Vehicle Log Book (Privacy Protected) report for their log book records; and CR 2015/2: FBT: clients of LogbookMe Pty Ltd who use the LogbookMe In-Car Logbook Solution to…