occurred during August 2018.
Taxing Issues column of Taxation in Australia, the Institute's member journal.
initial report of a self-initiated review of the Board of Taxation on the
income tax residency rules for individuals has been released.
consultation paper has been released on the proposal to change the annual audit
cycle for some SMSFs to a three-yearly cycle.
legislation has been released for the following initiatives:
- the extension
of the definition of a “significant global entity”
removal of an exemption that allows offshore sellers not to count sales of hotel
bookings in Australia towards their GST turnover threshold
black economy measures; and
the rules on stapled structures and implementing the MIT affordable housing
consultation paper seeking views on designing a modern ABN system has been released.
Commissioner has issued a draft ruling on the meaning of the “in Australia” requirement
that applies in relation to certain exempt entities and gift deductible recipients.
determinations that have been issued by the Commissioner:
the meaning of the expression “directly in connection with” in s 177DA ITAA36;
out what he considers the reasonable travel and overtime meal allowance expense
amounts are for the substantiation exception for the 2018-19 income year.
CGT: trust split
draft determination which considers the CGT consequences of a trust split has been
practical compliance guideline issued by the Commissioner deals with the
car-related FBT exemptions under which a fringe benefit is an exempt benefit
where the private use of eligible vehicles by current employees during an FBT year
is limited to work-related travel, and other private use that is “minor, infrequent
final determination has been released on an aspect of the Div 7A interposed
the 2018-19 income year, the Div 7A benchmark interest rate (where a regular 30
June accounting period is involved) is
5.20% per annum.
draft practical compliance guideline sets out the ATO’s compliance and administrative
approaches for corporate tax entities that have faced practical difficulties when
determining their corporate tax rate and corporate tax rate for imputation purposes
in the 2015-16, 2016-17 and 2017-18 income years.
a sequel to the High Court’s 2010 decision in the Travelex case,
a dispute about the time from which the Commissioner was liable to pay interest
on the taxpayer’s overpayments has been decided by the Federal Court.
Federal Court has decided a number of claims of legal professional privilege in
respect of documents obtained by the Commissioner from the applicant’s premises
in the exercise of his statutory access powers.
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