International Tax News

Twitter Updates

#Car Financier Inhouse Finance Group will refund $400,000 to 177 consumers following an ASIC surveillance for high interest rates
Changes to #tax offset re spouse super contributions come into effect 1 July 2017
#R&D : ATO targets agricultural activities; #software development activities. Contact Hayden for further info
Australian Fund Managers fail to deliver benchmark returns: http://investordaily.us5.list-
Pt 1: Small business owners #SME need to consider the changes to the contributions caps from 1 July 2017 when selling a business
Pt 2: #Super changes will affect Small business owners who intend to sell their business and contribute the proceeds to #Super
#ATO updates website after #Uber decision
#ASIC permanently bans Jay Wang, a lawyer and accountant from Sydney, from providing financial services
#AFR: Business leaders urged the government to seize the debate over the capital gains tax #CGT to reboot the broader tax reform agenda
#ABC Pt 1: #ATO admits working hours inefficient after staff backlash over request to work nine more minutes
#ABC Pt 2: #ATO has admitted its working hours do not meet community expectations and are inefficient.
#GST Draft Ruling: what is excluded from being second hand goods - when issued this week will apply from next due #BAS
Pt 1: What is #Blockchain – it is a system for maintaining continuously growing list of records in blocks. Each block contains a timestamp
Pt 2: Timestamps contain a link to previous block so #blockchains are inherently resistant to modification & cannot be altered retroactively
Pt 3: #blockchains are an open, distributed ledger that records transactions between 2 parties efficiently and verifiable in a permanent way
Pt 4: #blockchain suits record, identity and transaction management & traced the chronology of the ownership, custody or location of an item
#ASX plans to redesign its systems using a #blockchain. CEO Dominic Stevens says industry pay-off will be worth the pain
#SMSF sector will be a major focus of the Productivity Commission’s review of the super system
#Uber loses #GST fight with #Tax Office. 50,000 #Uber drivers will have to pay 10% #GST on ALL their earnings from #Ridesharing
#AFR: #ANZ has broken ranks big four Banks by slashing interest rates on two of its credit cards by up to 2 percentage points
Ave #Super contributions to #SMSF said to have almost tripled the previous quarter as panic sets in pre new #Super rules 1 July 2017
#SMSF Space: #ATO says it has identified examples where low-cost audits have failed to meet basic standards
#Land #Tax #NSW - Crt Rules any competing use of the land used in the dominant use test must be in the form of physical use of the land
Pt 3: Date of effect 1 July 2017 on all #GST importations occurring on or after 1 July 2017
Pt 2: Supply of offshore sourced goods valued at $1,000 or less will be subject to #GST, consistent with other supplies made in Australia
Pt 1: Low Value #GST Bill has been introduced into Parliament. Result in #GST being payable on low value goods imported into Australia
#ASIC announced that in coming months it will initiate shadow shopping project focused on advice given on #SMSF
Anglo American Investments: Supreme Court Appeal by #Taxpayer arguing "conscious maladministration" by #ATO dismissed
Senate Committee on white collar crime or misconduct has been extended from 28 February to 23 March 2017
Pt 1: #SMSF Association and #ATO have announced a 3year strategic partnership, effective 15 February 2017
#AFR: Turnbull planning a crackdown on capital gains tax concessions for property investors to seize the mantle on housing affordability
Clive Palmer told the Court he can't remember why he ordered Queensland Nickel to pay $US15m into a personal account he held in #HK
#SMSF Association National Conference: Video address PM Turnbull said that the #SMSF sector is a key pillar of #Superannuation system
#ATO confirms Multinational Anti-avoidance Law #MAAL rules apply to "significant global entity" (i.e. entity with global revenue of >$1b)
#ACT Land tax objection upheld on the basis valuations should not be based on 1 similar sale rather a “basket” of available comparable sales
Bill Passed: #ESS employee share scheme documents lodged with #ASIC would not be made openly available for certain start-up companies
High Court refuses #ATO special leave to appeal Seven Network Case on Royalties under Swiss/Aust #DTA
#ATO commences consultation with the professional in relation to PS LA 2010/4 Division 7A: trust entitlements – #Div 7A
#blockchain, technology platform used by #Bitcoin is under scrutiny as Govt’s grapple with the technology’s full impact which is yet unknown
Swiss voters reject plans to overhaul the corporate tax system where many Foreign companies rarely pay Federal Tax in excess of 7.8%
Andrew Sigalla, Listed public company director with gambling debts sentenced to 10 yrs imprisonment for dishonest conduct
Pt 1: Fed. Govt. releases a consultation paper entitled "Increasing Transparency of the Beneficial Ownership”
Pt 2: Questions : Should a central register of beneficial ownership be established; Access to Nominee shareholders and bearer shares info
#ASIC : Winemaker Andrew Garrett, of Hobart pleaded guilty to three charges of managing companies while disqualified
Pt 1: New diverted profits tax (DPT), also known as a “#Google #tax”. Introduced into Parliament yesterday
Pt 2: Targets multinationals entering arrangements to divert Australian profits to offshore related parties to avoid paying Aust Coy #tax
Pt 3: The DPT would impose tax on the amount of the diverted profit at a rate of 40%
#NSW employee insolvency firm sentenced in District Court after being found he dishonestly used his position for personal advantage
Prior agreement with the #ATO did not preclude the #Commissioner from pursuing the recovery of further accrued #GIC interest charges
#ATO forced sale of 15 Australian residential properties held by foreign nationals in breach of the foreign ownership framework
Fed Crt held #taxpayer Andrew Binetter’s request for video evidence in #Tax case refused
#GST : From 1 January 2017, business-to-business #B2B sales of precious metal including scrap gold can with agreement be reverse charged
#AMP logs a to a full-year net loss of $344 million as large impairments in AMP’s life insurance division take their toll
Pt 2: #R&D Warning - TA 2017/3 (Claiming the R&D Tax Incentive for ordinary business activities), Further info contact
Pt 1: #ATO issues #R&D warning to business TA 2017/2 (Claiming the R&D Tax Incentive for construction activities)
#RBA Reserve Bank of Australia February 2017 Chart Pack

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