ATO

Tax Time 2016: The ATO releases more essential materials

The ATO has released the following Tax Time 2016 essential materials. More will be added as they are available. 2016 standard distribution statement: guidance notes for fund managers Standard distribution statement for use by managed funds to report tax information to resident individual investors for the 2016 income tax year. Includes guidance notes and sample

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ATO warns on tax tricks that mean trouble

The ATO warns on tax tricks that will get you in trouble, and says that each year tax avoidance arrangements that are aggressive towards the tax system are promoted to taxpayers. These arrangements typically involve: reducing a participant’s taxable income increasing their deductions against their income increasing rebates or avoiding tax and other obligations entirely.

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Reducing the company tax rate: What’s the impact on shareholders?

The Coalition’s federal budget announced company tax rate reductions, so that by 2016-27 all companies will have a tax rate of 25%, delivered progressively from 2016-17. The government’s budget paper also stated that dividends will be frankable in line with the rate of tax paid by a company. Of course this depends on 1), the

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New property withholding rules explained

New withholding rules on the sale of property by foreign residents have been introduced. The government says this has been necessary as foreign investment in Australia, including in residential real estate, is increasing at an unprecedented rate. Here the new property withholding rules are explained. The rules will apply where real property contracts are entered

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Data matching efforts to get a kick-along (get your ducks in a row)

Data matching efforts to get a kick-along. The ATO has announced that it will acquire data from businesses that it visits as part of its employer obligations compliance program during the 2016-17, 2017-18 and 2018-19 financial years. The data it says will be collected includes: ABN of the payer business ABN of the payee business

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