The State Revenue Legislation Amendment Bill 2018 received Assent on 27 June 2018 as Act No 39 of 2018. It had passed all stages without amendment. It amends the Payroll Tax Act 2007 to raise the tax-free threshold for payroll tax from the current level of $750,000 to $1 million over the next 4 financial years. The…
A taxpayer has unsuccessfully challenged a private ruling that land which was mostly vacant was not an “active asset” for the purpose of the CGT small business concessions. These concessions are found in Div 152 of the ITAA97 and give a (further) 50% discount, up to $500k superannuation contributions and a rollover of any remaining…
On 8 May 2018, the Government announced it will reform the Research and Development Tax Incentive (R&DTI) to better target the program and improve its integrity and fiscal affordability in response to the recommendations of the 2016 Review of the R&D Tax Incentive. And on 29 June 2018, Treasury released its consultation material: A Consultation…
The Federal Court has refused to grant the Tax Office a stay of proceedings in a case involving Div 855 ITAA 1997, pending the outcome of an appeal in a different, but similar, issue. The taxpayer appealed under Pt IVC TAA against assessments for the 2011 income year totalling just over $120m (the Newmont appeals). The…
T a x T e c h n i c a l – M o n t h l y N e w s – July 2018 Developments – This is a collection of developments in Australian tax law and practice that occurred in July 2018 which aims to be relevant to tax practitioners.[i] Compiled By F…