Tax News Division
CGT rollovers: ATO administrative treatment
The ATO has released details of its administrative treatment regarding the amendment to allow Australian resident interest holders access to a broader range of CGT rollovers where an entity restructures using a share or interest sale facility for foreign interest holders, contained in the Tax Laws Amendment (2011 Measures No 9) Act 2012. The Act ...more
This year’s Federal Budget: a surplus (maybe), but what about tax changes?
In a recent address to the Australian Business Economists in Sydney, the Treasurer spoke about the coming Federal Budget and the challenge it presented in the context of achieving a surplus in a difficult revenue environment. While he did not foreshadow any specific Budget measures, some “reading between the lines” might give an indication of ...more
ASIC guidance on new business names register
ASIC has released RG 235 Registering your business name (RG 235) to help businesses prepare for its new national register of business names. Commencing on 28 May 2012 (subject to the passage of legislation through state parliaments), ASIC said the new business names register will allow businesses to register their name nationally through a simple ...more
Superannuation rates and thresholds for 2012-13
The Tax Office has announced some of the key superannuation rates and thresholds for 2012-13. These indexed rates and thresholds cover the superannuation contributions caps, the threshold amounts for concessionally taxed superannuation lump sums and employment termination payments. The document, Key superannuation rates and thresholds (dated 24 February 2012), is available on the Tax Office ...more
AASB Issues Revised Exposure Draft on Revenue Recognition
The International Accounting Standards Board (IASB) has issued a re-exposure draft ED/2011/6 entitled “Revenue from Contracts with Customers” (the revised ED). The Australian Accounting Standards Board (AASB) has also issued an equivalent Australian exposure draft, ED 222, with the same title. The revised ED is the next step in developing an entirely new revenue recognition ...more
ASIC Update – CP 173 Trustee Companies: Transfer Determinations by ASIC
On 24 January 2012, the Australian Securities and Investments Commission (ASIC) released Consultation Paper 173 “Trustee companies: Transfer determinations by ASIC” (CP 173), seeking public comment about the Commission’s power to administer the transfer determination provisions of Chapter 5D of the Corporations Act 2001 for trustee companies providing traditional trustee company services. According to the ...more
MYEFO prompts tax and LAFHA changes; some reforms deferred
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
Income tax and GST liabilities of a property developer: ATO view on Sliwa case
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
FBT exemption for fly-in fly-out extension – ATO administrative treatment
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
AASB Issues New Standard on Fair Value Measurement and Disclosure
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
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