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
It's here! ATO releases final Practice Statement on Div 7A and UPE
On 14 October 2010, the ATO released its keenly awaited Practice Statement on Div 7A and trust entitlements, PS LA 2010/4. It is effective from 14 October 2010 and is lengthy, running to 218 paragraphs. The Commissioner said it provides practical ways on how to follow Taxation Ruling TR 2010/3, issued 2 June 2010. That ...more
No depreciation deductions for copyright: ATO views on Primary Health Care case
The ATO has released a Decision Impact Statement on the decision of the Federal Court in Primary Health Care Ltd v FCT [2010] FCA 419. In that case, the Federal Court dismissed a claim by an operator of medical centres for depreciation deductions in respect of copyright in medical records. The taxpayer, Primary Health Care ...more
Meaning of "in the vicinity of" for car parking fringe benefits – Virgin Blue Airlines Pty Limited v FCT
The Federal Court has held that the phrase “in the vicinity of” as used in s 39A(1)(f) of the Fringe Benefits Tax Assessment Act 1986 (which relates to car parking fringe benefits) should be interpreted to mean “near”, “proximate” or “close”: Virgin Blue Airlines Pty Limited v FCT [2010] FCA 631 (Federal Court, Jagot J, ...more
TOFA critical start dates on the horizon
The ATO has reminded large business taxpayers of 2 upcoming critical dates in relation to TOFA. They are: the mandatory start date of 1 July 2010 for 30 June balancing taxpayers; and the due date for the “early start” and “transitional arrangements” elections for early balancing taxpayers with a substituted accounting period (SAP). TOFA rules mandatory start date – ...more
Div 7A loans and trust entitlements – Taxation Ruling TR 2010/3
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
GST cross-border transactions: Board of Taxation report
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
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