Category Archives: Tax administration

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

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A glimpse into the different personas of Taxes in China

(Translated from an article on a Chinese financial blog. 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

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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

Does an Arts degree suffice as tax agent qualifications?

Perhaps unsurprisingly, it has been confirmed that obtaining a Bachelor of Arts degree is not sufficient for the purpose of satisfying the tertiary qualification requirements under the Tax Agent Services Regulations 2009. In the Ayles case, both the Federal Court and the Administrative Appeals Tribunal upheld the Tax Practitioners Board’s refusal to register an applicant because he did not have the relevant tertiary qualifications. This was so despite the fact that the applicant had completed two subjects, Accounting 1 and Income … Continue reading

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3 reasons tax agents lose their registration

Contributed by Diana Winfield, Editorial Business Manager Running a successful tax practice seems pretty straightforward – obey the law and work for your clients’ best interests. Thankfully, there are always tax agents who can show us what NOT to do. 3. Poor business practices Not surprisingly, a tax agent who can’t manage his or her business properly and keep clients happy will not be in business for long. The agent in the Grosfeld case (2014 ATC ¶10-349) lost his registration … Continue reading

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Keeping on top of major tax changes for 2013/14

As professionals, you know better than anyone about the relentless pace of tax change – and the upcoming new tax return year promises to be even busier than usual. Here’s just a sampling of the extraordinary range of new tax measures that you’ll be facing for 2013/14. Fortunately, of course, CCH will be on hand to guide you through it all. Companies and businesses Provisions allowing tax losses to be carried back to offset against earlier income years were extended from … Continue reading

Posted in Budget, Business, CGT, Companies, superannuation, Tax administration, TOFA, transfer pricing, Uncategorized | Leave a comment

The Cancer and Bowel Research Trust case: important implications for DGRs and their trustees

Contributed by Philip de Haan (Partner) and Yat To Lee (Senior Associate), Thomsons Lawyers In Cancer and Bowel Research Association Incorporated as trustee for Cancer and Bowel Research Trust v FC of T 2013 ATC ¶10-316 (the Cancer and Bowel Research Trust case), the Administrative Appeals Tribunal (AAT) held that a deductible gift recipient (DGR)’s endorsement should be revoked on the basis that its trust deed did not comply with the legislative requirement to provide that at the first occurrence … Continue reading

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Accountants, lawyers and the privileged class: R v Special Commissioner of Income Tax (UK)

 Contributed by Philip Bisset, Partner and Antony Barrier, Lawyer, Clayton Utz   It’s likely that only those communications by and to lawyers acting in their professional capacity will be truly confidential and unavailable to the Australian Taxation Commissioner.  I enjoy my rights, but I revel in my privileges (Mason Cooley).  Legal professional privilege (LPP) is a fundamental right attaching to qualifying communications between lawyers and their clients.  The Tax Office has conceded there are good grounds for extending the privilege to communications … Continue reading

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