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
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
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
New online form to find lost super
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
Illegally accessing super early: ATO renews its warning
The ATO has warned taxpayers to avoid illegal schemes being promoted that offer access to their superannuation savings early. The ATO says last financial year it identified over 1,280 taxpayers involved with illegal schemes to access super early and imposed penalties and additional tax totalling $9.4m. It says in severe cases taxpayers may also be ...more
SMSFs and money lending: ATO warning
The ATO has issued a warning to trustees of SMSFs to ensure loan terms comply with the law and are in the best interests of retirement. The ATO says it is concerned that some trustees are lending money on favourable terms from their SMSFs to people who provide advice or assist in the running of ...more
ATO warns tax agents to watch out for fraudulent payment summaries
The ATO has warned tax agents that, with an increase in the lodgment of income tax returns between July and September, they may be approached to unknowingly lodge fraudulent income tax returns on behalf of clients using false payment summaries. The ATO says these payment summaries are often realistic copies of a genuine payment summary ...more
Small businesses: ATO assistance and compliance matters
In a recent speech, the Commissioner said the ATO is committed to working with small businesses by providing assistance and conducting compliance activities to ensure a level playing field. ATO assistance The Commissioner said the ATO is strengthening its online services, guidance and tools to assist small businesses in improving their efficiency. He said later ...more
ATO prosecution and conviction figures: April to June 2011
The Commissioner said between 1 April and 30 June 2011, over 450 individuals and 140 companies had been convicted for various tax and super offences equating to over $9.5m. Of the offenders convicted in the April to June quarter, the Commissioner said the penalties ranged from a $3,000 fine for failure to lodge tax returns ...more
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