ATO

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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Tax transactions in technology’s fast lane

Tax transactions in technology’s fast lane The move from lodging on paper to the technology-driven Australian Business Register program is saving an estimated $1.2 billion for the 2015-16 financial year, according to a recent study by accounting firm Deloitte. Commissioned by the ATO, the research study notes that the savings in the five years leading

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Internal tax documents released — a peek into court interpretations

The ATO has released on its legal database a series of what until recently have been internal ATO documents. Internal tax documents released — a peek into court interpretations The release of these documents in an initiative that the ATO has labelled “interpretation NOW!” and is, according to assistant commissioner Gordon Brysland, “a reinvention initiative

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