The ATO has released the ‘General Interest Charge’ (GIC) and Shortfall Interest Charge (SIC) percentages for the first quarter of 2018-19, ie July to September 2018: GIC annual rate – 8.96% GIC daily rate – 0.02454794% SIC annual rate – 4.96% SIC daily rate – 0.01358904% FJM 12.6.18 [ATO website: GIC, SIC; LTN 106, 5/6/18; Tax Month – June…
The Taxation Administration – Single Touch Payroll – Exemption for Employers Having a Seasonal Workforce was registered on Tue 5.6.2018. Made under s 389-10(1) of Sch 1 to the TAA, it provides for the ATO to exempt employers with a seasonal workforce from reporting under STP if they have 20 or more employees on 1 April in any year,…
In the 8 May 2018 Federal Budget, the Government announced it would broaden the definition of ‘Significant Global Entity’ (SGE). The $1b turnover threshold will remain the same, but it will no longer be just a group headed by a public company or a private company required to provide consolidated financial statements. Subject to being legislated,…
On 30 May 2018, the Governor General registered the Treasury Laws Amendment (2018 Measures No 1) Commencement Proclamation 2018, proclaiming 1 July 2018 as the day on which Sch 4 to the Treasury Laws Amendment (2018 Measures No 1) Act 2018 commences. Schedule 4 transfers the regulator role, for early release of superannuation benefits, on compassionate grounds,(under SIS…
On 29 May 2018, the Australian Government Actuary registered the Family Law (Superannuation) (Interest Rate for Adjustment Period) Determination 2018, on the Federal Register of Legislation. This Determination provides: The interest rate for adjusting entitlements under certain orders or agreements made under the Family Law Act 1975 (Act) and for splitting future superannuation benefits for the adjustment…
The AAT has affirmed the ATO’s decision, not to grant a taxpayer an extension of time, to object against amended assessments, for the 2000 income year, as the taxpayer was precluded, from objecting, by reason of having entered into a settlement deed, with the ATO. The taxpayer claimed deductions, for management fees, incurred by his…
On 30 May 2018, the Treasury Laws Amendment (Black Economy Taskforce Measures No. 1) Bill 2018 passed the House of Representatives, with one amendment, and now moves to the Senate for consideration. The Bill was introduced on 7 February 2018. Schedule 1 – sales suppression tools – of the Bill proposes to prohibit the production,…
The start of the new legislation, to force overseas suppliers, to pay Australian GST, on supplies of sub-$1,000 goods, to Australians, seems to have backfired, after Amazon announced (on 31.5.18) that it would subject Australian purchasers to a ‘geo-block’ – namely to redirect Australian purchasers, to its new Australian hub, which would pay the GST.…
On 30 May 2018, the Senate Economics Reference Committee released a final 128 page report of its inquiry into corporate tax avoidance in Australia. The Committee’s hearings caused headlines as senior officers of major companies were grilled as to the tax structures (a bit like the current Banking Royal Commission, but the Australian revenue was…
Revenue SA reminded taxpayers, that transfers of ‘qualifying land‘ (non-residential or non-primary production land), were exempt from transfer duty, if executed on or after 1 July 2018. This is significant duty reform, from South Australia, and is the effect of s105A(5) of the Stamp Duties Act 1923, which was inserted into this Act, in 2015,…