Contrived trust arrangements in ATO sights On 17 November 2016 the ATO released Taxpayer Alert TA 2016/12, which deals with trust income reduction arrangements that are under review. The ATO says the arrangements appear designed to exploit the proportionate approach to trust taxation. The arrangements are deliberately structured to exclude from the trust income much […]
Contrived trust arrangements in ATO sights The ATO has cautioned taxpayers against arrangements that seek to minimize tax by creating artificial differences between the taxable net income and distributable income of closely held trusts. Deputy Commissioner Michael Cranston said the ATO is investigating arrangements where trustees are engineering a reduction in trust income to allow […]
MYOB’S JOHN MOSS IS FIGHTING TO SOLVE A CLASSIC STRATEGIC CHALLENGE: HOW A POWERFUL INCUMBENT CAN RESPOND TO INNOVATIVE NEW COMPETITORS. Australia’s SME accounting software market is one of the most competitive software spaces in the world. It was the first big market for cloud software provider Xero, now a global force. US giant Intuit […]
Budget superannuation changes on the way The Federal Government has been releasing exposure draft legislation intended to give effect to most of its 2016–2017 Budget superannuation proposals. The first and second tranches of exposure drafts were released for public consultation in September, with submissions due by 16 September 2016 for the first tranche and by 10 October 2016 for […]
Budget superannuation changes on the way The Federal Government has been consulting on draft legislation to give effect to most of its 2016–2017 budget superannuation proposals. Here are some of the key changes. Deducting personal contributions All individuals up to age 75 will be able to deduct personal superannuation contributions, regardless of their employment circumstances. […]
IN JULY 2016, the Governance Institute of Australia’s inaugural Ethics Index — the first survey of its kind conducted in Australia – was launched. Significantly, the research found more people view company chairs, CEOs and senior executives as being unethical rather than ethical. (The research didn’t miss journalists either with 4o% of those surveyed rating […]
Personal middle income tax rate cut on the way The Treasury Laws Amendment (Income Tax Relief) Bill 2016 (the Bill) has been introduced in the House of Representatives. It proposes to amend the Income Tax Rates Act 1986 to increase the third personal income tax threshold applying to personal income taxpayers. The rate of tax […]
Personal middle income tax rate cut on the way The Federal Government has introduced a Bill which proposes to implement its 2016 Budget proposal to increase the third personal income tax threshold that applies to personal income taxpayers. The rate of tax payable on individuals’ taxable incomes from $80,001 to $87,000 would fall from 37% […]
Share economy participants reminded of tax obligations The ATO has reminded tax professionals to consider clients who may be involved in the share economy. Some individuals may not be aware they have tax obligations when earning income through the sharing economy. The types of goods or services taxpayers provide, and how much they provide, will […]
Share economy participants reminded of tax obligations The ATO has reminded people who earn income in the share economy that they have tax obligations. The type of goods or services you provide, and how much you provide, will determine what you need to do for tax. Popular sharing economy services include: providing “ride-sourcing” services for […]