Author Archive for: Hurley & Co
Entries by Hurley & Co
Client Alert – Explanatory Memorandum (December 2014)
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 […]
Client Alert (December 2014)
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 […]
Tax Wise Business News (November 2014)
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 […]
Client Alert – Explanatory Memorandum (November 2014)
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 […]
Client Alert (November 2014)
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 […]
Client Alert – Explanatory Memorandum (October 2014)
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 […]
Client Alert (October 2014)
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 […]
Client Alert – Explanatory Memorandum (September 2014)
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 […]
Client Alert (September 2014)
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 […]