By Tax News Division on August 17, 2010
The ALP has announced that, if re-elected, it would introduce a simple, low-cost super product called “MySuper” from 1 July 2013 which would replace existing default funds. The product is designed for members who do not exercise choice or nominate a fund, or where a default fund is specified in a modern Award or industrial agreement. Only ...more
Posted in Government, Legislation, Superannuation | Tagged AFA, AIST, ALP, APRA, ASFA, Cooper Review, CPA Australia, Federal Election 2010, Financial Services Council, Industry Super Network, Legislation, MySuper, Superannuation |
By Tax News Division on July 29, 2010
The Federal Coalition has promised, if elected, to expand the Education Tax refund. For primary students, it will increase the rebate from the current $390 to up to $500 per year per child in primary school. Eligible parents will be able to claim a 50% rebate for up to $1,000 of eligible education-related expenses for ...more
Posted in Government, Tax | Tagged Coalition, education tax refund, expenses, family tax benefit, FTB, rebate |
By Tax News Division on June 18, 2010
Second Commissioner of Taxation, Bruce Quigley, has recently provided an overview of compliance focus areas ahead of Tax Time 2010. In an address to the Tax Institute of Australia’s Queensland State Convention held on 4 June 2010, Mr Quigley revealed that the ATO is increasing its use of data-matching to identify undisclosed interest income of ...more
Posted in ATO, Government, Tax | Tagged -related expenses, ATO, compliance, GST, refunds, small business, Tax Agent, tax returns |
By Tax News Division on June 7, 2010
This Ruling, released on 2 June 2010, sets out the Commissioner’s views on when a private company with an unpaid present entitlement (UPE) from an associated trust is considered to have made a loan to the trust for Div 7A purposes. Broadly, the Ruling provides that the company will be considered to have made a ...more
Posted in ATO, Government, Tax | Tagged Commissioner, division 7A, loan, practice statement, private company, ruling, trust, UPE |
By Tax News Division on May 20, 2010
On 7 May 2010, the Assistant Treasurer announced that the Government will put in place a new tax system for Managed Investment Trusts (MITs) for commencement on 1 July 2011. Senator Sherry said the overhaul includes a dedicated new tax regime for MITs that “will remove longstanding investor uncertainty in the interaction of Australian tax ...more
Posted in Government, Tax | Tagged Board of Taxation, CGT, ITAA 1936, managed investment trusts, Senator Sherry |
By Tax News Division on May 20, 2010
The Government has released the Board of Taxation’s report on its review of the application of GST to cross-border transactions. In the 2010-11 Federal Budget, the Government stated that it will implement all the recommendations of the Board, with effect from 1 July 2012. The Board made 14 recommendations which seek to simplify the design ...more
Posted in GST, Government | Tagged Board of Taxation, Commissioner, cross-border transactions, GST, GST-free, taxpayers |
By Tax News Division on May 20, 2010
On 11 May 2010, the Treasurer handed down the 2010-11 Federal Budget, his third Budget. The following industry bodies, professional associations, and other important stakeholders, have responded to the Budget: Institute of Chartered Accountants in Australia (ICAA) – The Institute said “the measures aimed at simplifying individual tax returns announced in the Budget package represent ...more
Posted in Budget, Government | Tagged Federal Budget, GST, minerals tax, Superannuation, tax reform |
By Tax News Division on May 6, 2010
On 23 April 2010, the Assistant Treasurer released the Board of Taxation’s review into elements of the taxation of employee share scheme (ESS) arrangements. The review was requested by the Assistant Treasurer in July 2009 following the release of the Government’s 1 July 2009 Policy Statement. At that time, it was noted that 2 substantive ...more
Posted in Government, Tax | Tagged Board of Taxation, Employee Share Scheme, listed securities, R&D, valuation |
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