The recent release of a trio of tax guidance documents by the ATO addressing section 100A, has caused quite the stir amongst advisors and their clients. Of key concern is the apparent retrospectivity in which the Commissioner’s views expressed in these documents could be applied.
The recent release of a trio of tax guidance documents by the ATO addressing section 100A has been described as being the most significant development for trust taxation in almost 40 years. In this article we focus on a key shortcoming of the anti-avoidance provision.
Is a company that carried on an active equipment leasing business, with a turnover under $50 million, considered a base rate entity and therefore eligible for the lower corporate tax rate? Determining this mainly revolved around whether its base rate entity passive income was more than 80% of its assessable income for the year. Read on for more details.
Following the emerging payroll tax issue that resulted from the Optical Superstore litigation, here are a couple of developments since that are also worth noting.
Section 100A can apply to trust distributions where a beneficiary is made presently entitled to a share of trust income and that present entitlement arose out of a reimbursement agreement. This draft ruling is intended to address the exclusions – in other words the situations where section 100A does not apply.
It has become increasingly difficult for employers to be certain of their superannuation guarantee (“SG”) obligations. The number of recent Tribunal and Federal case laws dealing with the status of whether a person is an employee or independent contractor for the purposes of the Superannuation Guarantee and their outcomes underscore the increasing risk of employers being liable for historical unpaid super if the person engaged is found to be a deemed employee under the expanded meaning of that term. Read on to find out what it means for employers and employees.
We are looking for a tax specialist to join our team. You must have worked with Australian taxation for at least four years, and preferably
The ATO’s changed view of whether a shopping centre car park is a commercial car parking station (for FBT purposes). For many employers this will mean, for the first time, a car parking fringe benefits liability exists as from 1 April 2022.
The two-tiered corporate tax rate system and the decreasing corporate tax rate for base rate entities can give rise to circumstances where differing tax benefits
At first glance, offset accounts are relatively straightforward. The bank reduces the linked loan account for the monies in the offset account and only charges
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