As another financial year comes to a close taxpayers should be mindful that the law requires you to keep all documentation which relates to your capital gains tax assets for at least five years after their disposal. The ATO regularly conducts audits, including business record keeping audits and substantiation audits, over a wide range of
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Download the Tax Bulletin – Federal Budget Summary 2014 The Federal Budget for 2014/15 was handed down by the Treasurer, Mr Joe Hockey, at 7.30 pm (AEST) on 13 May 2014. Highlights The key tax and superannuation highlights from the Budget are summarised below. A detailed Chartered Accountants summary can be found at the link
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On 30 April 2014 the Commissioner of Taxation issued Tax Determination TD 2014/10, a copy of which can be found at the following link, http://law.ato.gov.au/atolaw/view.htm?docid=TXD/TD201410/NAT/ATO/00001 which advises that the general anti-avoidance provision contained in Part IVA of the Income Tax Assessment Act 1936 may apply to “dividend washing schemes”. Broadly, the ATO has expressed the view that
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On 27 March 2014 the Commissioner of Taxation announced an Offshore Voluntary Disclosure Initiative entitled “Project DO IT” whereby taxpayers are invited to voluntary disclose to the ATO any undisclosed foreign income or foreign capital gains or previously over claimed tax deductions in relation to foreign income. In its announcement the ATO comments that increased
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Legislation was introduced as part of SuperStream to standardise the way employers pay and report superannuation contributions. From 1 July 2014, employers with 20 or more employees will be required to use the Data and Payment Standard (the standard) when making superannuation contributions. The standard requires payment and data to be sent electronically. This will ensure
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Legislation has recently been introduced which may require taxpayers who currently pay PAYG instalments on a quarterly basis to pay them monthly. The legislation received Royal Assent on 29 June 2013 and comes into effect on 1 January 2014 at the earliest but has staggered introduction dates depending on the turnover of the particular entity
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From 1 July 2013, individual tax returns with an expected tax refund that are lodged using the electronic lodgement service (ELS) will be required to nominate an Australian bank account to receive the refund. The details required include Account name, BSB, and Account number. Joint bank accounts and trust accounts are also acceptable. (Refer link: http://www.ato.gov.au/General/Enquiry-hot-topics/In-detail/Tax-professionals/EFT-refund/).
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As advised in our Client Alert No 9, the Federal Government introduced legislation from 1 July 2012 to means test an individual’s entitlement to the private health insurance rebate. For the 2013-14 income year, the means testing applies as follows – Singles – Medicare Levy Surcharge Income of more than $88,000 Couples/family – Combined Medicare
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As outlined in Client Alert no 6 – TFN Withholding for closely held Trusts, the government introduced legislation which requires “closely held trusts” to withhold tax from distributions to beneficiaries where the beneficiary has not provided its tax file number (TFN) to the trust and the trust has not reported the TFN to the Australian
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Download the Tax Bulletin – Federal Budget Summary 2013