The Tax Office has released a determination announcing the benchmark interest rate for Division 7A loans to be ...

In March 2010 the Government released a proposal called SuperStream to introduce an industry wide electronic data and payment transfer system for superannuation funds but excluded self-managed super funds from the scheme. A super fund professionals’ association has now called for self-managed super funds to be included ...

During August, the Tax Office said that it had stopped over 49,000 tax returns which, in total, claimed around $190 million of refunds because they believe that there were overstated claims or that the return was potentially fraudulent ...

The Government has released a consultation paper proposing that where someone breaches their concessional contributions cap by up to $10,000 and for the first time, they can have the excess refunded to them and pay ...

Subject to executive and legislative sign off, the Swiss and German Governments have agreed on a deal to impose tax on undisclosed Swiss bank accounts held by Germans. A similar deal between Switzerland and the UK is pending ...

The Tax Office has released a determination announcing the luxury car limit of $57,466 for the 2012 year which ...

The Tribunal has found against the Tax Office which contended an engineering contractor was an Australian tax resident between 1997 and 2002 despite working in the Czech Republic, Turkey, South Africa, USA, Germany, Thailand and China and making his home in the Philippines. He left Australia in 1997 and did not include his foreign income in his Australian income tax returns for those years because ...

A change to the Tax Act purportedly to allow streaming of capital gains and franked dividends became law at the end of June this year. The practical implication of the new law is that trust distribution minutes ...

Each year the Australian Securities and Investments Commissions (ASIC) reviews and indexes their charges for various services in regulating companies. Here are some fee changes for the 2012 financial year ...

The Tax Office has published a document titled Key events for Australia shareholders 2010 – 11 which contains links to class rulings about demergers, share buy-backs, creation of new ...

The Rule of Law Institute of Australia has called for the Accountant’s Concession to be replaced with a form of tax advice privilege between the accountant and client to be made into law. The Accountant’s Concession provides guidelines to Tax Officers to protect confidentiality of certain tax advice correspondence between accountants and their ...

A package of Bills was introduced to the Federal Parliament to transfer responsibility for the registration of business names from eight state and territory Governments to ASIC ...

From July 2008 the quarantining of foreign tax losses was abolished and ...

There are number of common errors in the way the self-managed super fund tax return is completed including the correct record of an instalment warrant/limited recourse borrowing arrangement for real property or securities. The Tax Office has reported ...

The Tax Office website has set out some common mistakes that employers make to remind them of their super guarantee obligations ...

The Tax Office is using data matching to catch out employers not paying fringe benefits tax for motor vehicles and living away from home allowances ...

Question: An employer provides a fringe benefit to an employee but the taxable value is fully reimbursed by the employee. The net fringe benefit is nil after the employee reimbursement. In these circumstances, does the employer have to register as a fringe benefit provider and ...

The Productivity Commission released a draft report early in August about the current $1,000 low value threshold where GST and duty is not imposed on imported goods. Australian retailers have complained that the threshold makes for unfair competition as ...