International Tax News

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#SMSF : #ASIC is said to be using data-matching capabilities to identify licensees most at risk of compliance breaches
#AAT Decision Re #GST 5 yr new residential property rule a key feature of the appeal, but no firm clarity provided for Industry
#ATO cautions farmers over #R&D offset claims for business expenditure such as cost of fertilizer for soil improvement
Irrespective of what you think about President Duterte, Moody’s Agency is positive about the Philippine’s administration’s tax reform
Pt 1: #OECD bilateral automatic exchange relationships hits over 1,000 recipriocal arrangements
Mark McIvor, former CEO of Equititrust Limited (in liquidation) permanently banned from providing financial services
#tax : personal income tax threshold adjusting tax threshold from $80,001 to $87,000 for individuals (i.e. 32.5%) receives Royal Assent
Bernard Meehan, a former mortgage broker (trading as Aussie Home Loans) was permanently banned from engaging in credit activities by #ASIC
Court deems ‘Land banking developments’ operated by Jamie & Dennis McIntyre were unregistered managed investment
Effective 1 July 2017: Government departments (Fed, State & Local) need to report total payments made to a business for providing services
#UK introduces criminal offence of failure to prevent criminal facilitation of #tax evasion
Foreign currency exchange rates for Sept 2016: EEC - 0.7079; HK - 6.1068; Japan - 80.9991; NZ - 1.0689; UK - 0.5973; USA - 0.7919
New Bill proposed to regulate the Privacy Act to provide notice to the Australian Information Commissioner on data breach
Economics Committee approves enterprise tax plan to reduce Coy #tax to 27.5% for small businesses with aggregated turnover <$10m
#ATO issues multiple guidance on the sharing economy
#AFR Property spruikers Jamie & Dennis McIntyre accepted 10-year bans from managing corporations or operating a financial services business
Small businesses only have a small number of days to meet the SuperStream deadline – 28/10/2016
#SMSF guidance on LRBAs with non-arm's length terms
Government to introduce legislation into Parliament to mandate professional standards for financial advisers
#TR introduces anti-money laundering solution to drive transparency and efficiency across trade finance. Available in S/pore and HK
#AFR : building industry watchdog secures $1.7m in penalties against the construction union after maintaining its high rates of litigation
India puts pressure on Singapore #DTA post Mauritius #CGT changes. Singapore asking for more time to review the treaty
#SMSF Association criticises compulsory SG for business owners stating it “only increases red tape and complexity” (1/2)
Studies show business owners are already saving far more than they would be in an employment situation (2/2)
#ASIC continues an ongoing review of the #ASX after the equity market experienced a technical failure on 19/09/2016
SMSF Adviser: Over 100 limited license applications are expected to remain unprocessed by #ASIC until next year
OECD releases new Q&A guidance on the implementation of Country-by-Country Reporting under BEPS Action 13
The proposed “Backpacker #tax” bills have been referred to the Senate Economic Committee for report by 7 November
#AAT upholds the Termination of individual and company tax agent registrations - Re Three Wickets Pty Ltd and Tax Practitioners Board
#ATO releases recordkeeping evaluation tool for small business: Record keeping evaluation tool
New Australia-Germany #DTA – Bill passed in Parliament and now awaits Royal Assent
International EY survey: (23%) of #tax directors are under audit (i.e. one qtr. surveyed), an increase of 6% from 2015 and 10% from 2014
Proposed Investigation/enforcement provisions provides regulatory agencies more uniform powers & legal certainty as to their application
#FIRB is to establish a Register of Foreign Ownership of Water Entitlements (Water Register) to be maintained and administered by the #ATO
Tech Mahindra Case: Full Federal Court has refused a taxpayer's request for suppression or non-publication orders
World Mental Health Day #ATO reminds small business owners it’s never too late to seek support if they are dealing with mental health issues
Gold Bullion fraud targeted by Serious Financial Crime Taskforce
AFR: #ASIC calls for more competition in Aust’s banking system, urging big 4 to help borrowers compare their home loans to #RBA cash rate
Our latest Enewsletter is out - "Proposed BackPacker Tax Changes" The “BackPacker Tax” Law Amendments were...
#ASIC permanently bans Hobart financial adviser Troy Williams for dishonestly creating false certificates to evidence his qualifications
Senate Economics Legislation Committee recommends only businesses with a turnover of < $2M be eligible for Company Tax cuts to 27.5%
#ASIC has fined Findex $21,600 over claims it provides independent financial advice to clients on its website.
New tools to check your client's super entitlements
Queensland from October 01 2016, additional 3% duty on land acquired by foreigners will be imposed by Stamps Office
EU regulator has not extended its scrutiny of Google to the tech giant's #tax deals with national authorities across Europe
#AAT Case: Taxpayer has been unsuccessful in having his #tax debt released sighting the ‘serious hardship provisions’
Exposure Draft setting out Improvements to the ‘Debt and Equity’ #Tax Rules has been released for comment
#ASIC: Findex Group Limited and Financial Index Australia Pty Ltd pay $21,600 in penalties
Swiss Court rules Swiss Authorities not required to provide name of Swiss Financial advisors (who set up undisclosed accounts) to the US
#ATO tools to help #taxpayers understand their #super rights & employer obligations: ‘estimate my super’ & ‘am I entitled to super’
#ASIC warns it will be pursuing AFS licensees who do not lodge their financial statements & auditor’s reports on time
#ATO is setting its sights on itinerant work, paying extra attention to people whose work-related deductions are higher than expected
#AAT has confirmed lump sum workers' compensation payments are assessable in its year of receipt in Edwards and FCT [2016] AATA 781
#ATO provides additional reporting guidance for #SMSFs using a contribution reserve strategy

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