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
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 publishes Taxation Statistics 2008-09
The ATO has published Taxation Statistics 2008-09 which features data compiled from tax returns from the 2008-09 income year and other financial information provided in activity statements and other FBT, GST and excise forms for the 2009-10 financial year. Highlights from the statistics for the 2008-09 year included: Personal tax: 12.3m individuals lodged income tax ...more
Revamp of GST exemption for taxes, fees and charges: Exposure Draft released
On 11 January 2011, the Assistant Treasurer released for public comment draft legislation to implement the Government’s proposed revamp of the GST provisions for exempting Australian taxes, fees and charges from GST (contained in Div 81 of the GST Act). In brief, the draft legislation, Exposure Draft – Tax Laws Amendment (2011 Measures No 2) ...more
Online retail review; GST compliance crackdown on imports
The Government has announced that the Productivity Commission will examine the current structure, performance and efficiency of the retail sector and the broader issues posed by an increase in online purchasing by Australian consumers. The Productivity Commission will also consider the sustainability and appropriateness of the current indirect tax arrangements in the online purchasing environment. ...more
ATO warns retirement village operators about excessive GST claims
The Tax Commissioner has warned retirement village operators that the ATO will review arrangements where they sell services, such as electricity, to residents in an attempt to gain a tax advantage. The ATO has issued Taxpayer Alert TA 2010/7 on the matter and it is effective as at 3 November 2010. GST is not charged ...more
Call for end to stamp duty on GST in commercial property transactions
The Real Estate Institute of Victoria (REIV) has called on both the State and Federal Governments to remove what it says is “the tax on tax rort of stamp duty being levied on GST in commercial real estate transactions”. The Institute said that when GST was introduced in 2000, it created an anomaly in which ...more
GST and property transactions: get it right, says ATO
The ATO has warned taxpayers to make sure they correctly report property transactions (including transfers, sales and purchases) on income tax returns and BASs. In the financial year ended 30 June 2010, the ATO said it conducted 3,250 GST reviews and audits that directly related to property transactions, and subsequently raised net GST liabilities of ...more
Government agrees to a tax summit
In its agreement with Independents Tony Windsor and Rob Oakeshott, the Gillard Government has agreed to “facilitate discussion of future tax reform” by convening a tax summit to discuss the Henry review – the summit would be held before 30 June 2011. The Treasurer has, however, ruled out including the proposed mining tax in the ...more
ATO Compliance Focus for 2010-11: Small to medium enterprises (turnover $2m-$250m)
ATO focus areas in the SME sector for 2010-11 include: a continuing focus on private groups and the tax compliance of the individuals controlling those groups and the entities within them. The ATO says it intends to increasingly use external data to automatically detect and link private groups and the individuals controlling them; a focus ...more
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