A change to the tax law, applying from 1 July 2019, has just passed Federal Parliament in relation to genuine redundancy payments and early retirement scheme payments. Now, such payments can be made up to a person’s pension age, rather than the previous age of 65. This will benefit older employees who leave, in some
An ATO appeal against a gaming machine operator’s win over a large tax deduction has been won. It may have long ramifications for other gaming machine operators, as well as future treatments of “blackhole” deductions.
New fact sheets are available on GST payment at settlement, with for buyers and for sellers. GST to be paid on a withholding bases for certain GST-registered vendors as well as purchasers. And what to do about there being no guidance on “potential” residential property.
Global taxation of multinational enterprises could be about to change. BEPS strategies are being targeted by the OECD, with proposals to reduce a dependence on physical presence, profit allocation based on location of sales and more.
Avoid extra tax on excess concessional contributions, but note there’s a new ATO form to be filled out — time restriction applies.
Proposed change to testamentary trusts in relation to minors regarding assets transferred to a trust on or after 1 July 2019, with an aim to stop people using these trusts to obtain a lower tax rate than would otherwise apply.
The ATO is questioning the reason of “natural love and affection” when forgiving a commercial debt, and whether that exemption should only apply to creditors that are natural persons.
The ATO amends its view on how the income of professional firms can be allocated, although its suspended guidelines may still apply in certain cases.
Applying from 1 January 2020, this is part of an attack on the black economy. Cash can be foreign currency and also digital. It is expected that individual-to-individual transaction may be exempt.
Should this pass Parliament this time, the amnesty will apply to quarters prior to 1 April 2018. It will also end six months after the amnesty becomes law.