Category Archives: Tax administration

Comparing private rulings: ATO discretion for non-commercial losses

Written by Adam Vickery. Recently, the ATO issued two private rulings dealing with the circumstances in which the Commissioner will exercise his discretion under s 35-55 of the Income Tax Assessment Act 1997 to allow taxpayers to deduct non-commercial losses, which would otherwise be quarantined and carried forward. Case 1: The agricultural business  (Authorisation Number: 1012673153223) A taxpayer had started a business related to the livestock industry. The business incurred losses in its first four years of operations but the taxpayer … Continue reading

Posted in Deductions, Losses, Primary production, Tax administration | Leave a comment

Government’s “Cutting Red Tape” repeals key to delivering organisational gains

Wolters Kluwer co-hosted, with The Group of 100 and KPMG, a Cutting Red Tape event attended by Parliamentary Secretary to the Prime Minister the Hon Josh Frydenberg MP. Wolters Kluwer, a global leader in tax, accounting and audit information, software and services for professionals, outlined key efficiency benefits for all organisations resulting from the Federal Government’s latest “Cutting Red Tape” program on 31 October 2014. With co-hosts, The Group of 100, the event hosted keynote speaker The Hon. Josh Frydenberg MP, … Continue reading

Posted in Legislation, Tax administration | Leave a comment

Employee share schemes: certainty to the indeterminate?

Contributed by Sarah Blakelock, Partner, Hayden Bentley, Partner and Melinda Peters, Senior Associate, McCullough Robertson Lawyers This article was published in CCH Tax Week, 881_41_2014. CCH iKnow has webpages containing relevant information including employee share schemes. The ATO recently released Draft Taxation Determination TD 2014/D16, providing guidance on the Commissioner’s view of the operation of the indeterminate rights rules in the context of employee share schemes (ESS). The timing of the acquisition of rights under the ESS rules continues to … Continue reading

Posted in shares, Tax administration | Leave a comment

Deputy Tax Commissioner talks BEPS at CCH network lunch

In an address to the CCH Networks in Sydney, Deputy Commissioner Mark Konza spoke on the now dynamic space of international tax, particularly on the OECD’s base erosion and profit shifting (BEPS) action items discussed at the recent G20 Finance Ministers’ meeting in Cairns. Mr Konza noted the goals of the G20/OECD tax program was to ensure jurisdictions got their fair share of tax, based on the essential guiding principle that companies should pay tax in the country where real … Continue reading

Posted in Offshore, Part IVA, Reportable tax position, Tax administration, Tax Reform, Tax risks, transfer pricing | Leave a comment

ATO’s Project DO IT

Contributed by Philip de Haan, Partner and Yat To Lee, Senior Associate, Thomson Geer Lawyers The ATO has recently made changes to its website on Project DO IT. These changes clarify the broad eligibility criteria for taxpayers to obtain the amnesty from the ATO for omitted offshore income, capital gains and over-claimed deductions. They address the concern about whether Project DO IT applies to intentional and serious tax wrongdoings by taxpayers. The deadline for making the disclosure to the ATO … Continue reading

Posted in Foreign income, Offshore, Tax administration, Tax havens | Leave a comment

Election promises, one year on?

It’s a little over a year since the current government was elected in September 2013. What is the status of their election promises? Here is a snapshot showing the status, as of 5 September 2014, of tax-related measures announced as part of their election campaign. Measure Summary Status Not-for-profit entities The Australian Charities and Not-for-profits Commission (ACNC) will be replaced with a smaller body. Introduced by Australian Charities and Not-for-profits Commission (Repeal) (No 1) Bill 2014 Announcement: Mr Tony Abbott’s address to … Continue reading

Posted in Budget, election 2013, superannuation, Tax administration, Tax Reform | Leave a comment

2014 Federal Budget – where are we now?

More than 100 days have passed since the 2014 Federal Budget was announced in May. Here is a snapshot showing the status of tax-related measures announced in the Budget as of 24 August 2014. 1. Individuals and families Measure Summary Status Temporary   budget repair levy A   three year temporary levy of 2% will be imposed on individuals’ taxable   income in excess of $180,000 pa, from 1 July 2014 until 30 June 2017. Enacted by a package of … Continue reading

Posted in Budget, Tax administration, Tax Reform | Leave a comment

A glimpse into the different personas of Taxes in China

(Translated from an article on a Chinese financial blog.  www.1234567.com.cn) Aunt Sales Tax Female, 40, a lovely and easy-going middle-aged woman. She tries to be a simple person out of fear that she might pose a risk of harm to those who are getting to know her. However, she has extremely profound tax implications. Aunt Sales Tax is considered as a sociable person with good connections, but she is not fond of Prince VAT (Value Added Tax). They seem to … Continue reading

Posted in Business, Tax administration, VAT | Tagged , , , | Leave a comment

BEPS and the digital economy: broader than just tech-giants

Contributed by Jill Gatland, Barrister and Rimma Miller, Maddocks Lawyers The first Action Point to emerge from the OECD report Addressing Base Erosion and Profit Shifting1 seeks to address taxation of the digital economy. This has been widely and incorrectly reported as being simply an attack on well-known digital giants or global coffee chains. The reality is more fundamental and, in some ways, more troubling for a wide range of businesses in the near future as many may fail to … Continue reading

Posted in Offshore, Tax administration, Tax havens, transfer pricing | Leave a comment

Timeline of “announced but not enacted” tax measures

Did you know there are announced tax measures that stretch from 2001 to 2017 that haven’t been enacted yet? Here they are according to their proposed application date. • 1 July 2001 Debt/equity integrity provision to be restricted • 2005/06 income year Exemptions for compensation payments and insurance policies Life insurance policies (minor amendments to CGT provisions • 2006/07 income year Deceased estates (refinements to law: roll-over • 12 December 2006 Foreign resident CGT regime: correction to the meaning of … Continue reading

Posted in Budget, CGT, Companies, Tax administration, Tax Reform | Leave a comment

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