News
The ATO has released guidelines on how it will assess the risk of Pt IVA of ITAA 1936 applying to the allocation of profits from a professional firm carried on through a partnership, trust or company, where the income of the firm is not personal services income. The guidelines apply to relevant arrangements within professional…
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The Tax Laws Amendment (Small Business Measures No 1) Bill 2015 and the Tax Laws Amendment (Small Business Measures No 2) Bill 2015 were passed by the Senate without amendments and received royal assent as Acts No 66 and 67 of 2015, respectively. Tax Laws Amendment (Small Business Measures No 1) Act 2015 reduces the…
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The Tax Laws Amendment (Small Business Measures No 1) Bill 2015 has received assent as Act No 66 of 2015. The new Act reduces the company tax rate from 30 per cent to 28.5 per cent for companies that are small business entities with an aggregated turnover of less than $2 million from the 2015-16…
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The ATO has issued guidance on the 2015-16 Federal Budget measure that allows small businesses to immediately deduct each asset costing less than $20,000. The ATO said: as a once-off, small business entities that have previously elected out would not be subject to the “lock-out” rule of the concessions but will instead be able to…
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Despite the positive announcements in tonight’s Federal Budget for Australian small business, it is not clear from the fine print that the government has delivered on a vision for Australia’s future. Alex Malley, chief executive, CPA Australia, said that “tonight’s budget lacks a real vision and commitment to the serious and overdue structural reforms that…
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The Prime Minister has stated that the previously flagged general company tax cut and the levy to pay for the paid parental leave scheme from Wednesday 1 July will not go ahead. He said the upcoming Federal Budget will instead include measures to cut small businesses’ tax bills in ways that will stimulate investment, boost…
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Two taskforces targeting phoenix businesses and the misuse of trust structures led by the ATO have been newly prescribed, enabling the ATO to share tax-related intelligence and data with other agencies. The Trust Taskforce comprises the ATO, Australian Federal Police, Australian Crime Commission, Commonwealth Director of Public Prosecutions, Australian Securities and Investments Commission, Australian Government…
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The ATO has launched its new approach to compliance called Building confidence. The webpage takes the place of the former compliance program or compliance in focus. The ATO says that for the tax and superannuation systems to work, it needs the community’s confidence that they are fair for everyone. On the relevant webpages, taxpayers can…
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In a recent speech, Assistant Treasurer Josh Frydenberg outlined the various issues on his agenda for superannuation. He mentioned that the government will consult with all parties on various proposals from the Financial System Inquiry, including the prohibition of borrowing by superannuation funds. He also confirmed that superannuation tax concessions will be considered in detail…
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The government has released the Board of Taxation’s report on tax impediments facing small business. The report focused on short and medium-term priorities for small business tax reform with a particular focus on simplifying processes and cutting excessive red tape. The government noted that the ATO has already begun the implementation of most of the…
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