5 minute tax updates: 9-13 November

Arms length debt test guidance released
Tax and cryptocurrency: An OECD perspective
ATO posts activity statement forms
Super fund employees wanted for ATO survey
Guidance and advice being considered
Small business webinars available on several topics
E-invoicing service provider list published
WA de facto couples and splitting superannuation
JobKeeper payments and transfer pricing arrangements
Payment due date for company and super clients
New resource webpage for SuperStream Rollovers

Arms length debt test guidance released
Practical compliance guideline PCG 2020/7 provides guidance to entities in applying the arm’s length debt test in Division 820 of ITAA97, and also also provides a risk assessment framework that outlines the ATO’s compliance approach to an application of the arm’s length debt test. The ATO states that the PCG should be read in conjunction with TR 2020/4.

Tax and cryptocurrency: An OECD perspective
The OECD is to run a session on cryptocurrency titled Deep Dive: Crypto-tax – Ensure a robust and transparent tax policy framework on 19 November. It says the session will discuss key tax policy and tax transparency concepts in relation to virtual currencies and crypto-assets, providing an overview of country tax policy treatments around the world, the tax implications of emerging developments in blockchain and token technology, and insights into how tax transparency and reporting frameworks may be able to be adapted to encompass these assets and address their challenges.

ATO posts activity statement forms
Available on the ATO website, download BAS P (NAT 4646), which is for taxpayers who report and pay GST (or claim a refund) annually or pay GST by instalments and report annually, BAS R (NAT 4753), which is for taxpayers who report and PAYG quarterly, and IAS N (NAT 4648), which is for taxpayers with annual PAYG instalment obligations.

Super fund employees wanted for ATO survey
Twice a year the ATO surveys the large super fund industry about how it can improve its services and engagement. It wants to hear from as many people as possible, and has added several new topics to the survey, including COVID-19 early release of super, its consultation groups and fund income tax. Participation is voluntary and feedback will remain anonymous unless you choose to identify yourself at the end of the survey.

Guidance and advice being considered
The ATO has under development advice and guidance on and administration issues, on superannuation issues, the not-for-profit sector as well as some international tax issues.

Small business webinars available on several topics
The ATO provides free webinars on a variety of general topics that suit all small businesses, and others that are specific to particular industries or circumstances. Some are also offered in Chinese, Arabic and Vietnamese. See the full selection here.

E-invoicing service provider list published
An updated list of suppliers of E-invoicing providers has been published on the ATO website. The service providers included on the register have completed the Australian Peppol Authority accreditation process and are trusted to operate in the network.

WA de facto couples and splitting superannuation
The Family Law Amendment (Western Australia De Facto Superannuation Splitting and Bankruptcy) Bill 2019 has been passed by the lower house. The bill gives effect to a referral of power from WA to the Commonwealth in respect of superannuation matters in family law proceedings for separating de facto couples in WA, extends federal bankruptcy jurisdiction to the Family Court of Western Australia to hear bankruptcy proceedings concurrently with family law proceedings, and provides for transitional arrangements.

JobKeeper payments and transfer pricing arrangements
The ATO has provided some guidance on the treatment of JobKeeper payments in transfer pricing arrangements. It does not alter or modify the tax treatment of the payment received under the JobKeeper Payment scheme or other provisions of the income tax law. The ATO says it will assess the impact of the JobKeeper payment on transfer pricing arrangements by reviewing arrangements where the JobKeeper payment resulted in a change to the transfer price paid or received by the Australian entity, and was shown to effectively shift the benefit of the government assistance to offshore related parties.

Payment due date for company and super clients
Companies and superannuation funds have a variety of lodgment due dates determined by registration type or income reported in their last return. If you have company or super fund clients who have a lodgment due date of 15 January 2021, their payment is due by 1 December 2020. To check if your clients have a 1 December payment due date use Online services for agents or the practitioner lodgment service.

New resource webpage for SuperStream Rollovers
The ATO has launched a new SuperStream Rollovers v3 web page as a central repository for all onboarding and implementation documents. CRT alert 047/2020 will assist APRA-regulated funds and digital service providers (DSPs) in the transition to SuperStream Rollover v3 and SMSF DSPs in implementing SuperStream Rollover v3 (which will include SMSFs from 31 March 2021).

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