Small business tax review finds first steps for improvement The results of a review into tax impediments affecting the success and growth of small businesses has been released by the Government. The review focused on small business tax reform and, in particular, simplifying processes and cutting excessive red tape. In releasing the review findings, the […]
Borrowing by superannuation funds under scrutiny The final report of the Murray Financial System Inquiry (the Inquiry) was released on 7 December 2014. The Inquiry made 44 recommendations relating to the Australian financial system. The Inquiry identified two general themes where there is significant scope to improve the functioning of the financial system: funding the Australian economy; and competition […]
Borrowing by superannuation funds under scrutiny Late last year, the Murray Financial System Inquiry called on the Government to restore the general prohibition on direct borrowings by superannuation funds. The review was of the view that there was an emerging trend of superannuation funds using limited recourse borrowing arrangements (LRBAs) to purchase assets, and that […]
Project DO IT nearing end, taxman focus on non-disclosure The ATO has reassured taxpayers that disclosing under Project DO IT will not give them a “red flag”. Project DO IT, the ATO’s offshore voluntary disclosure initiative, offers benefits to taxpayers who bring their undeclared offshore income and assets back into Australia’s tax system by 19 […]
Project DO IT nearing end, taxman focus on non-disclosure The ATO has responded to fears expressed by some taxpayers that disclosing previously undeclared offshore income and assets could set them up for future tax investigations. The ATO has reassured taxpayers that disclosing under Project DO IT will not give them a “red flag”. ATO Deputy […]
Repeal of measures affecting small businesses that were to be funded by the mining tax Employee share scheme changes Revised Superannuation guarantee charge percentages Now is the time to prepare for SuperStream Do you have an FBT lodgement obligation? Decision Impact Statement – GST credits Refunding excess GST – GSTR 2014/D4 Can you have PSI […]
Subsidy to encourage employers to hire mature workers The Tax and Superannuation Laws Amendment (2014 Measures No 5) Bill 2014 was introduced in the House of Representatives on 4 September 2014. It proposes to amend the Income Tax Assessment Act 1997 (ITAA 1997) and the Taxation Administration Act 1953 (TAA 1953) to abolish the mature […]
Tax claims for R&D costs mostly allowed The AAT has mostly allowed a company’s deduction claims for research and development (R&D) expenditure at the 125% premium rate, but disallowed other claims in respect of overlapping expenditure. Over an extended period, the taxpayer conducted various plant trials to test possible ways to improve its copper and […]
Mining tax gone but watch for associated tax changes Following the speedy passage of the mining tax repeal legislation, on 9 September 2014 the Government announced that it will be recommending to the Governor-General that he proclaim 30 September 2014 as the commencement date for Schedules 1 to 5 to the Minerals Resource Rent Tax […]