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 […]
Mining tax gone but watch for associated tax changes The mining tax has been repealed. However, in order to pass the legislation through the Senate, the Government made a deal with the Palmer United Party and Senator Muir to defer the abolition of: the Income Support Bonus to 31 December 2016; the Schoolkids Bonus to […]
Share transfer to family partnership ineffective The Administrative Appeals Tribunal (AAT) has dismissed applications from a married couple and found that they were each assessable on dividends of some $1.8 million that they did not return in their assessable income. In doing so, the AAT dismissed the taxpayers’ argument that shares in a family company […]
Share transfer to family partnership ineffective A husband and wife have been unsuccessful before the Administrative Appeals Tribunal (AAT) in arguing that they had transferred shares in a family company to a family partnership, and that therefore they should not be assessed on dividends issued by the company to themselves. The AAT examined the partnership […]
Tax debt release on serious hardship grounds refused A taxpayer has been unsuccessful before the Administrative Appeals Tribunal (AAT) in seeking to be released from his tax liabilities under s 340-5 of Sch 1 of the Taxation Administration Act 1953. As of 4 May 2014, the taxpayer’s outstanding tax debts amounted to around $58,000. However, […]
Tax debt release on serious hardship grounds refused In a recent case, the Administrative Appeals Tribunal (AAT) refused an individual’s application to be released from his tax debt of $58,000 on the grounds of serious hardship. The AAT noted that no explanation was offered for the taxpayer’s failure to meet his tax liabilities as they […]
ATO Compliance Program New Tax Rates – Residents and Non-Residents Household Assistance Package Tax Offsets SchoolKids Bonus Private Healthcare and Medicare Levy Surcharge changes Superannuation Are you an employee or contractor? Living Away From Home Allowance Personal Services Income – ATO Letters Reasonable Travel and Overtime Meal Allowances New PAYG Instalment Options Employment Termination Payments […]