In releasing the 2011-12 Mid-Year Economic and Fiscal Outlook (MYEFO) on 29 November 2011, the Treasurer said that GDP growth would not grow as strongly as forecast and that forecast tax receipts had been written down by more than $20bn over the forward estimates. He said global economic and financial conditions had “deteriorated markedly in ...more
On 1 December 2011, the ATO issued a Decision Impact Statement on the decision in AAT Case [2011] AATA 390, Re A&C Sliwa Pty Ltd and FCT. In this case, the AAT affirmed the amended assessments in relation to income tax and GST liabilities issued to the taxpayer as a result of an audit conducted ...more
On 28 November 2011, the ATO released details of its administrative treatment regarding the extension of the FBT exemption for fly-in fly-out arrangements enacted by Tax Laws Amendment (2011 Measures No 6) Act 2011. Under the changes, s 47 of the FBTAA has been amended to provide an exemption from FBT for transport from an ...more
The International Accounting Standards Board (IASB) has issued for public comment Exposure Draft ED/2011/12 “Improvements to IFRSs 2011” with proposed amendments to five International Financial Reporting Standards (IFRSs). The Australian Accounting Standards Board (AASB) has issued an equivalent Australian ED, ED 213 entitled “Improvements to IFRSs”. These amendments are proposed under the annual improvements process, ...more
The International Accounting Standards Board (IASB) has issued IFRS 13 “Fair Value Measurement”, which establishes a single source of guidance for fair value measurements required under International Financial Reporting Standards (IFRSs). The Australian Accounting Standards Board (AASB) has also issued Australian Accounting Standard AASB 13 “Fair Value Measurement” and AASB 2011–8 “Amendments to Australian Accounting ...more
On 13 September 2011, the Government released for comment exposure draft legislation which proposes to make various tax law amendments concerning the small business depreciation rules. The amendments are proposed to apply to small business entities as defined in s 328-110 of the ITAA 1997 that have an aggregated turnover of less than $2m for ...more
The ATO has released a Decision Impact Statement on the Queensland Court of Appeal’s decision in Barkworth Olives Management Ltd v DCT [2010] QCA 80. In that decision, the Court unanimously dismissed an appeal by a taxpayer, a trustee of 4 trusts, that it was not personally liable for outstanding income tax, interest and penalties ...more
The Assistant Treasurer has announced that the Tax Office would develop an electronic form for lost superannuation accounts to make finding lost super easier. The new electronic form will allow fund members with lost super to request their benefits be transferred through a portal on the ATO website, making it simpler and easier for people ...more
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