The CPI indexation factor, which is used for FBT purposes concerning remote area benefits (under ss 60 and 60AA of the FBTAA), for the March quarter 2014 increased 0.6 from the December 2013 quarter to 105.4. The Australian Bureau of Statistics (ABS) said inflation was running at 2.9% through the year to 31 March 2014 (up from 2.7% through the year…
The ATO [on Wed 11.3.2015] released the following Class Rulings: CR 2015/20: Off market share buy-back – Intrepid Mines Limited; and CR 2015/21: Bonus share plan: Whitefield Limited. [LTN 47, 11/3/15]
On Thursday 24.11.2016, the ATO released Draft Law Companion Guideline LCG 2016/D9 dealing with Superannuation reform: transfer balance cap. The Treasury Laws Amendment (Fair and Sustainable Superannuation) Bill 2016 (which received Royal Assent as Act No. 81on 29 Nov 2016) imposes a transfer balance cap of $1.6m on the amount of capital individuals can transfer…
What this draft Guideline is about 1. This draft Guideline outlines the factors that the Commissioner will consider when deciding whether to exercise the discretion to treat an entitlement as being a fixed entitlement, which results in a trust being treated as a fixed trust under the trust loss provisions. The Commissioner must determine whether to exercise…
On 21.9.16, BHP Billiton released its Economic contribution and payments to governments Report which shows the company’s total economic contribution globally in the 2016 financial year was US$26.7 billion. This includes US$3.7 billion globally in taxes, royalties and other payments to governments. Releasing the report, BHP Billiton Chief Financial Officer Peter Beaven said the company’s…
The ATO has released an updated and rewritten version of its lengthy Practice Statement Law Administration PS LA 2005/24 on the Application of General Anti-Avoidance Rules. The whole document was re-written following considerable legislative change since the previous re-write, which as in 2009. The Practice Statement should be used where the ATO proposes to: make…
On 8 April 2016, judgment was handed down by the Federal Court (Logan J) in the matter of Crown Estates (sales) Pty Ltd Crown Estates Pty Ltd as Trustee for Crown Estates unit trust V Commissioner of Taxation [2016] FCA 335. The appeal was dismissed. Logan J concluded that the taxpayer was not entitled to claim…
The Commissioner has Gazetted a notice that he will acquire details of insurance policies for certain classes of assets, including marine vessels, enthusiast motor vehicles, thoroughbred horses, fine art and aircraft where the value exceeds nominated thresholds for the 2013-14 and 2014-15 financial years. The ATO said it will obtain policy holder identification details (names, addresses, phone…
A Legislative Instrument was gazetted on 12 February 2016 that varies to nil the amount of withholding required by a payer under the PAYG withholding system for allowance payments, payments made for locum services, and payments made by non-religious entities to religious practitioners, in a certain class of cases. It also removes the requirement to issue payment summaries and…
In an announcement on Saturday, 13 February 2016, Labor Leader Bill Shorten released Labor’s “Funding Health & Education – and Balancing the Budget” policy. The policy proposes to: Limit negative gearing to new housing from 1 July 2017. All current investments – and any made before this date – will not be affected by this change and will be fully grandfathered.…