International Tax News

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#Super changes receive royal assent.
15% “backpacker tax" has received Royal Assent and is now Law
#ASIC ramps up pursuit of Accountants providing #SMSF advice
Fed Crt Appeal: administrative penalty failure to lodge #FBT returns – Decision upheld by the Court.
#ASIC issues life insurance financial adviser Mateen Mohammed, of Calamvale, Queensland, a 7 year ban from providing financial services
SA Supreme Crt: Dismisses appeal for offences under #TAA for failing to lodge #tax returns & argued the Court erred in #law and fact
#ATO Small Business Christmas newsletter
Krista is a new member to Vicca Chartered Accountants, she has experience in processing SMSFs and assisting...
#Tax Offices around Australia will be closed from midday 23 December 2016 and reopen on 3 January 2017.
#Super changes for #SMSF (self-managed super funds)
AFR: #OECD supports Australian Education Minister: spending more money on schools does not equate to better performance
#Super changes for #APRA regulated funds
#ATO to issue guidelines on defined benefit schemes under new #Superannuation legislation
#ASIC Media: Sydney Recruitment specialist convicted of managing companies while disqualified
Reserve Bank Chart Pack from December meeting
We are closed for the Christmas season from 5pm Thursday 22 December. We will resume work at 8am Monday 9...
#AAT Case: fitness industry #taxpayer fails to explain deposits were not income and as such 4 #ATO amended assessments were excessive
Fed. Crt: taxpayer failed CGT "small business entity" $2m turnover test because fuel disbursement receipts were treated as ordinary income
{1/2} #ATO is updating website as it pursues #PAYG withholding on travel allowances. Note 4 exceptions do apply.
ULTIQA Lifestyle: Timeshare operator to revise disclosure and sales practices following #ASIC review of business methodologies
#Wickenby Case: Court grants #Tax Commissioner right to request evidence from overseas banks
[1/2} #ATO is seeking to encourage all Australian residents selling properties over $2 million to apply for a #tax clearance certificate
{2/2} This #Law ‘Foreign resident capital gains withholding tax’ is poorly written and has an unintended reach to Aust resident #taxpayers
A disabled taxpayer’s claim for wife's travel costs where she accompanied him to conferences overseas have been denied
#ASIC and #BMW Finance agree it pays $77 million in compensation to borrowers and community groups in consumer credit settlement
Would you be so kind as to follow us on LInkedIn? It only takes a few seconds using this link -...
At its meeting today, the Board decided to leave the cash rate unchanged at 1.50 per cent
#India #Tax amnesty on undisclosed income results in 1 family disclosure of evading tax on $39 billion of income
Fed. Govt: Wine Equalisation Tax ( #WET ) Rebate changes to assist grape growing, winemaking & associated tourism in regional Australia
First there was Brexit, then there is Italexit, potentially Brexit Italian style. But Italy’s Bank problems continue to go unanswered
#Tax offices will be closed from 23 December 2016 – 3 January 2017
{1/2} #tax practitioners can now view communications the ATO has issued to their clients’ myGov Inbox in the last 24 hours
Enjoy the present moment! #viccacharteredaccountants #enyoythepresentmoment
Industry sources say ATO will be closely reviewing SMSF asset valuations of private trusts and overseas property in 2016 &2017 ITRs
{1/2} First there was ‘Doctors without Borders’, now there is ‘Tax Inspectors Without Borders’ OECD project launched in July 2015
{2/2} Innovative UN program that attempts to address widespread tax avoidance by multinational enterprises in developing countries
OECD world-wide average tax-to-GDP ratio rose from 34.2% in 2014 to 34.3% in 2015, being the highest level since Stats began in 1965
OECD Report - Asian Region: Tax revenues as a % of GDP range from 12.2% of GDP in Indonesia to 32% in Japan
China launces a pilot program to simplify the process for Epats applying for employment permits in the PRC
China imposes an extra 10% tax on super cars/luxury models costing 1.3 million yuan (Approx. US$188,850): Effective from 1 November 2016
Google is expected to reach a tax settlement with the Indonesian government in the next few weeks
3 associated companies liable to FBT & 75% admin penalties over a 4-year period for failing to lodge FBT returns for several luxury cars
Establishment of a Register of Foreign Ownership of Water Entitlements passed both houses of Parliament and awaits Royal Assent
Amendment coming: Permanent establishment - What is "a place at or through which [a] person carries on any business"
New $60 departure tax effective 01.07.2016 won’t increase for 5 years after having passed both houses of Parliament and awaits Royal Assent
The "backpacker tax" has finally passed both houses of Parliament and awaits Royal Assent
#Virgin Australia has stopped the pre-selection of travel insurance on its online booking platform following discussions with the #ACCC
So true...#viccacharteredaccountants #sunsets #enjoylife
{1/2} #OECD Tax revenues reach new high as the tax mix shifts further towards labour and consumption taxes
#Tax Admin Act amended to authorise taxation officers to disclose information to an Australian government agency as defined in the #ASIO Act
{1/2} #ATO recommends its employee/contractor decision tool to work out if persons hired are employees or contractors
#ASIC Law Changes: Employee share scheme documents lodged with ASIC are not made publicly available for certain start-up companies
Happy Friday everyone! #happyfriday #coffee #worklife #viccacharteredaccountants
#ATO is looking at a lack of transparency on fringe benefits tax (#FBT) on celebrations and gifts this festive season
Government to conduct a review of the operation of the Petroleum Resource Rent Tax (PRRT)
Backpackers Tax still in Senate as a debate wages at to a tax rate of 15.0% Vs 10.5%

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