Two Class Rulings were issued on Wed 9.3.2016: CR 2016/12 (FBT: employers who are clients of United Airport Parking Pty Ltd and who enter into the Corporate Car Parking Agreement). The Class Ruling provides that a car benefit does not arise for FBT purposes while an employer’s car is parked at the United Airport Parking’s lock up car parking…
In October 2015, the Government announced that it would develop legislation to enshrine the objective of superannuation, as part of its response to the Financial System Inquiry (FSI). The Government has accepted the recommendation of the FSI that the objective of the superannuation system is to provide income in retirement to substitute or supplement the…
The Tax Practitioners Board (TPB) advises that, if a tax agent (you) change how your practice is structured you: may need to apply for registration for the new business structure, which includes getting a new registration number to practise under have to notify us within 30 days if there is a change to a partnership or company…
The Tax Laws Amendment (Small Business Restructure Roll-over) Bill 2016 received Royal Assent as Act No 18 of 2016 on 8 March 2016. It had passed all stages without amendment and amends the ITAA 1997 to provide greater flexibility for small businesses to change their legal structure. The Bill effectively seeks to allow small businesses to change…
The ATO has advised that the general interest charge (GIC) rate for the fourth quarter of the 2015-16 income tax year (1 April 2016 to 30 June 2016) is as follows: GIC rate is 9.28% ie 90 day BAB rate 2.28% + 7% uplift factor. GIC daily compounding rate is 0.02535519%. SIC rate is 5.28% ie 90 day BAB…
AUSTRAC has released for comment draft amendments to Chapter 38 of the ‘Anti-Money Laundering and Counter Terrorism Funding (AML/CTF) Rules regarding ‘Sale of shares for charitable purposes’. Austrac proposes amendments to Chapter 38 of these rules to increase the threshold for the disposal of parcels of shares to charities from $500 to $10,000. They consider that this higher…
As at 7 March 2016, the Appeal news is as follows. The taxpayer has appealed to the Full Federal Court against the decision in Cable & Wireless Australia & Pacific Holding BV (in liquidatie) v FCT [2016] FCA 78. In that case, the Federal Court held that a foreign resident taxpayer was not entitled to a refund of some…
The Full Federal Court has, by majority (Pagone J dissenting), dismissed a husband and wife taxpayers’ appeal from the 7 April 2015 decision of Buchanan J (in FCT v Seymour [2015] FCA 320) that had set aside an order made by the AAT, which had granted leave to them to give their evidence, by video link, at the hearing of their…
The Government announced on Friday 4.3.2016, that it will retain the Australian Charities and Not-for-profits Commission (ACNC). Minister for Social Services, Christian Porter, and Minister for Small Business and Assistant Treasurer, Kelly O’Dwyer, said the decision followed extensive consultation with the sector on the alternative option of repealing and replacing the ACNC. Mr Porter said it is…
A taxpayer has been largely unsuccessful before the AAT in arguing that certain amounts, including deposits into his bank account, were not his income. The taxpayer was a director and the controlling mind of a group of companies. The Commissioner determined that the taxpayer had understated his income and issued amended assessments for the 2003…