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
Government to update and rewrite trust tax laws – consultation process announced
On 16 December 2010, the Assistant Treasurer announced a public consultation process as the first step towards updating the trust income tax provisions in Div 6 of Pt III of the ITAA 1936 and rewriting them into the ITAA 1997. He said that, in developing an initial consultation paper for release in the first part ...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
TFN withholding for closely held trusts: Exposure Draft Regs
On 3 June 2010, the Assistant Treasurer released for comment exposure draft regulations and explanatory material to support proposed legislative amendments to extend TFN withholding arrangements to closely held trusts, including family trusts. By extending TFN withholding to these types of trusts, the proposed amendments are intended to encourage eligible beneficiaries to quote their TFN ...more
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