Category Archives: Tax Month – May 2014

*GST: Instrument waiving tax invoice requirements for customers of motor dealers in relation to motor vehicle incentive payments received by the dealer [53]

The A New Tax System (Goods and Services Tax) Waiver of Tax Invoice Requirement (Motor Vehicle Incentive Payment Made to Motor Vehicle Dealer) Legislative Instrument 2014 was registered on Wed 21.5.2014. It waives the requirement for a recipient making a creditable acquisition to hold a tax invoice for an input tax credit to be attributable…

Tax Laws Amendment (2014 Measures No 1) Bill 2014: GST excess refunds (new Division 142) [52]

The Tax Laws Amendment (2014 Measures No 1) Bill 2014 has passed the House of Reps without amendment and now moves to the Senate. The Bill proposes to: amend the GST Act and the TAA to ensure that overpaid GST is refundable only in certain circumstances. [This involves introducing a new Division 142 into the…

*ABS releases Taxation Revenue, Australia 2012-13 – various taxation statistics [51]

The Australian Bureau of Statistics (ABS) on Wed 28.5.2014, released Taxation Revenue, Australia, 2012-13. The publication contains statistics of taxation revenue collected by all levels of government in Australia for the periods 2003-04 to 2012-13. Some of the stats for 2012-13 include: Total taxation revenue collected in Australia increased $25.23bn (6%) from $389.90bn in 2011-12…

BEPS Action Plan – digital economy: ATO speech [50]

Speaking at the Tax Institute’s 7th Annual Tax Reform Thur 22.5.2014, ATO Deputy Commissioner, Mark Konza, provided some insights into the work the ATO and Treasury are currently undertaking in relation to the OECD’s base erosion and profit shifting (BEPS) Action Plan. Mr Konza said the ATO supports Treasury in its consideration and advice to…

Addressing BEPS – restoring trust in international tax system: speech by Parliamentary Secretary to the Treasurer [49]

On 16 May 2014, the Parliamentary Secretary to the Treasurer, Steven Ciobo, delivered an address to the Clayton Utz BEPS Workshop. Mr Ciobo said “restoring trust in the international tax system on a multilateral basis cannot be achieved by OECD countries acting alone and the G20/OECD BEPS Project has been inclusive, incorporating non-OECD G20 countries into the…

Promoter penalty regime and recent court decisions: ATO speech says their approach is to ‘disrupt the supply and demand for these products’ [48]

ATO Deputy Commissioner, Tim Dyce, on Thur 22.5.2014, delivered a speech on the ATO’s administration of the promoter penalties regime and recent court decisions at the Tax Institute’s 7th Annual Tax Forum. Mr Dyce said the ATO’s approach to promoter risks is to act quickly to stop the proliferation of potential tax avoidance and tax…

G20 Tax Symposium Tokyo: closing remarks by Commissioner [47]

On 10 May 2014, the Tax Commissioner made his closing remarks at the G20 Tax Symposium held in Tokyo, Japan. A key issue raised by a broad range of representatives was the need to improve the international tax system. “While there are differences of opinions, the discussion over the past 2 days demonstrated a significant amount of goodwill…

Student assistance debts – indexation factor is 2.6% [46]

Pursuant to s 140-20 of the Higher Education Support Act 2003, 1.026 is the indexation factor to be used in working out accumulated HELP debts for the 2013-14 financial year. The effective percentage increase is 2.6%. Pursuant to s 12ZF(7A) of the Student Assistance Act 1973, 1.026 is also the indexation factor that is applicable in working…

Updated Large business and tax compliance booklet released by ATO [45]

The Tax Commissioner has released a “refreshed” version of Large business and tax compliance booklet. Mr Jordan said the publication “seeks to provide a tangible demonstration of [the ATO’s] commitment to transparency and accountability”. He said he was also “pleased to see the mutual expectations outlined in the LBTC publication are already being used to guide…

CR 2014/4 – Goodman Group: Tax Exempt Employee Share Plan [44]

The ATO on Wed 14.5.2014, released: Class Ruling CR 2014/43 (Goodman Group: Tax Exempt Employee Share Plan). It applies from 1 July 2012. Broadly, the Ruling states that the securities acquired by participants in the tax exempt employee share plan are ESS interests as defined under s 83A-10(1) of the ITAA 1997. [LTN 91, 14/5/14]