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...
View ArticleDiv 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...
View ArticleTOFA 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...
View ArticleMeaning of "in the vicinity of" for car parking fringe benefits – Virgin Blue...
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...
View ArticleNo 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...
View ArticleIt'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...
View ArticleATO 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...
View ArticleSmall 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...
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