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News
Media ContactMelanie Kent Karin Krueger |
Bulletins
ATO to get expanded powers to withhold refunds - 16 February 2012 The Government has released exposure draft legislation which, if passed in its current form, will provide the ATO with expanded powers to withhold refunds claimed by taxpayers and is likely to affect the cash flow position of many businesses. The new provisions are intended to apply across all taxes but will have particular impact on refunds of GST claimed in Business Activity Statements.
Click here to read Pitcher Partners' Tax Bulletin on this topic.
Proposed changes to Living Away From Home Allowances and Related Benefits
Federal Government Announcement - 5 December 2011 As part of the tax measures announced on 29 November 2011 in its Mid-Year Economic and Fiscal Outlook, the Federal Government advised that it will introduce reforms to stop individuals ‘exploiting’ the tax concessions for living away from home (‘LAFH’) allowances and benefits. In making the announcement, the Government has released a consultation paper on the proposed reforms which are to apply from 1 July 2012. Click here to read Pitcher Partners' Tax Bulletin on this topic.
Retrospective tax consolidation changes to 1 July 2002 - 28 November 2011 Many things can, and undoubtedly will, be said and written about the retrospective changes to the tax consolidation regime that were announced by the Government on 25 November 2011. There is however, only one key question that needs to be answered. Will the announced changes impact deductions that have been claimed by your tax consolidated group? Click here to read Pitcher Partners' Tax Bulletin on this topic. Reform of the Taxation of Trusts - 23 November 2011
On 21 November 2011 the Government released a consultation paper (“the Paper”) as the next stage in its plans to rewrite the taxation of trust provisions. The closing date for submissions on the Paper is 10 February 2012. Whilst the Government has specifically ruled out taxing trusts as companies in the Paper, all other trust related issues are on the table for discussion. However, the Government has also stated that the more issues that are raised for consideration (or are required to be addressed) the longer will be the likely legislative timeline. Click here to read Pitcher Partners' Tax Bulletin on this topic. Transfer Pricing - the Good, the Bad and the Ugly - 11 November 2011 In a Press Release issued earlier this month the Government announced a review of the current Australian transfer pricing rules. Whilst there is some good news for the middle market in the Consultation Paper released as part of this review process, the Press Release and the Consultation Paper also contain a number of aspects that could not just be bad news for SMEs but ‘downright ugly’ for them in terms of their transfer pricing exposures and compliance costs. Click here to read Pitcher Partners' Tax Bulletin on this topic. Time Limit for Payment of Stamp Duty in Victoria to be Dramatically Reduced - 27 October 2011
The Victorian Government introduced legislation into Parliament yesterday which will dramatically reduce the time limit for payment of stamp duty on dutiable transactions including transfers of land. Click here to read Pitcher Partners' Tax Bulletin on this topic. Research and Development claims post 1 July 2011 - 22 September 2011
After repeated delays, the new Research and Development (“R&D”) Tax Incentive finally received Royal Assent in September 2011. The new R&D program applies from 1 July 2011 and represents the Government’s principal means of encouraging industry investment in R&D. Click here to read Pitcher Partners' Tax Bulletin on this topic. New Victorian Landholder Duty Model - 8 September 2011
The Victorian Government has commenced consultation on the proposed model for the new landholder duty, which will replace land rich duty with effect from 1 July 2012. Pitcher Partners has been invited to consult with the State Revenue Office on the proposed model and has obtained an advance copy of the consultation paper that will be publicly released later today. Click here to read Pitcher Partners' Tax Bulletin on this topic. GST not payable on fees retained for 'no shows' or cancellations - 2 September 2011
Qantas has won its case against the ATO in the Federal Court in relation to the GST status of amounts retained by Qantas when domestic passengers miss their flight or cancel their booking. The Federal Court’s decision has potential implications for all domestic passenger transport operators as well as GST registered entities in other industries that take cancellation or similar fees from their customers. Click here to read Pitcher Partners' Tax Bulletin on this topic. Opportunity for Land Tax Refunds - 31 August 2011
The Victorian Government has announced that it has decided to extend the land tax concession applicable to land within Part A of the Urban Growth Zone to the 2009 and 2010 land tax years. This decision provides an opportunity to apply for a refund of land tax paid in those years in relation to qualifying land. Click here to read Pitcher Partners' Tax Bulletin on this topic.
Important changes to the GST status of charges levied by Government agencies - 3 August 2011 The Government has recently amended the law that determines the GST status of taxes, fees and charges levied by Australian government agencies. The law changes have significant implications for all government agencies in relation to the future GST status of fees and charges they are responsible for collecting.
Click here to read Pitcher Partners' Tax Bulletin on this topic.
The new carbon tax scheme - what does it mean? - 13 July 2011
There has been considerable debate in recent months over the introduction of a carbon tax - much of it driven by the uncertainty as to : (i) who would be subject to it; and (ii) on what the tax might fall. On 10 July 2011 the Government announced the introduction of a price on carbon pollution, which will commence on 1 July 2012.
Click here to read Pitcher Partners' Tax Bulletin on this topic.
2011 Employment Taxes Update - 7 July 2011 The end of the financial year is upon us and employers are turning their thoughts to finalising year-end obligations for a number of employment related taxes and obligations such as PAYG withholding, Payroll Tax, WorkCover and Superannuation Guarantee.
Click here to read Pitcher Partners' Tax Bulletin on this topic.
2011/12 ATO Compliance Program - 5 July 2011 Each year the ATO releases a compliance program which identifies matters of concern to it and highlights what it intends to do so that taxpayers can make informed choices regarding their taxation affairs. Click here to read Pitcher Partners' Tax Bulletin on this topic. 30 June 2011 'Drop-dead' Requirements - 22 June 2011 The purpose of this Tax Bulletin is to highlight what we regard as the most crucial of these requirements so that you can ensure that the appropriate action is taken before midnight on 30 June 2011. Click here to read Pitcher Partners' Tax Bulletin on this topic. 2011 Budget - Fringe Benefits Tax Changes - 16 June 2011
In the recent Federal Budget the Government announced significant changes to Fringe Benefits Tax (‘FBT’), specifically the method of valuing Car Benefits under the Statutory Formula Method. Broadly, it was proposed that the statutory percentages would be amended such that a 20% rate would apply to all cars valued under this method, regardless of the kilometres travelled.
Click here to read Pitcher Partners' Tax Bulletin on this topic.
Changes to the Taxation of Trusts - 7 June 2011
On 2 June 2011 the Assistant Treasurer introduced into Parliament a Bill containing proposed changed to the taxation of trusts for the 2010/11 year of income.
ATO Ruling Targets GST Payable on Sale of Retirement Villages - 28 April 2011
On 27 April 2011 the ATO issued a taxation ruling on the goods and services tax on the development, lease and disposal of a retirement village tenanted under a 'loan-lease' arrangement. The impact of the ruling will be to significantly increase the GST cost of some retirement village developments in the future.
Improving the Taxation of Trusts - 15 April 2011 On 13 April 2011 the Assistant Treasurer released an Exposure Draft (“ED”) of proposed changes to the taxation treatment of trusts for the 2011 year of income. The proposed changes have been identified as “interim” measures to fix critical issues prior to the whole of the provisions being re-written into the 1997 Tax Act at a later date.
The two main proposed changes in the ED aim to clarify: (i) the ability to stream dividends and franking credits; and (ii) that capital gains can be streamed for tax purposes.
Click here to read Pitcher Partners' Tax Bulletin on this topic.
Reminder - R&D Applications Due 30 April 2011 - 1 April 2011
Clients are reminded that registration applications for the R&D Tax Concession for the year ended 30 June 2010 must be lodged with AusIndustry by 30 April 2011.
Click here to read Pitcher Partners' Tax Bulletin with further information regarding the application and relevant Bill. You can also click here for a suggested format for a standard R&D Plan.
FBT Year End - 25 March 2011
The fringe benefits tax (“FBT”) year ends on 31 March 2011. As such, it is timely for employers to start planning the preparation of their annual return. The following bulletin provides some year-end preparation tips and in addition, focuses on some of the more common problem areas associated with FBT. Click here to read Pitcher Partners' Tax Bulletin on this topic.
Changes Proposed to the Taxation of Trusts - 7 March 2011
On 4 March 2011 the Assistant Treasurer announced proposed changes to the taxation treatment of trusts for the 2010/11 year of income. The proposals will seek to change the definition of 'income of the trust', as well as provide clarity on the ability to stream capital gains and franking credits. The proposed amendments will have an impact on every trust in respect of distributions for the 30 June 2011 year of income.
Click here to read our Tax Bulletin on this topic.
Reform of the Foreign Source Income Deferral Provisions - 21 February 2011
On 17 February 2011, the Treasury released Exposure Draft ("ED") legislation outlining proposed changes to the tax treatment of income derived through foreign investments. Although the proposed application date of the measures is unclear, we recommend that taxpayers begin to examine how they may be impacted by these proposed measures. Click here to read Pitcher Partners' Tax Bulletin on this topic.
Pitcher Partners made two submissions on the implications for our clients of these proposed changes.
Click here for our submission on the CFC ED.
Click here for the submission regarding the FAF ED.
Employment Taxes obligations: employers working in Australia or overseas - 15 February 2011
Do you have employees who are working overseas or alternatively, employees from overseas working for you in Australia? If so, do you fully understand what Australian employment taxes obligations you have in relation to these workers? This bulletin is a brief summary of the Australian employment taxes obligations for some scenarios.
Click here to read Pitcher Partners Tax Bulletin on this topic.
Victorian Floods - A snapshot of issues to assist those affected - 24 January 2011
From late 2010, Victoria and Australia have suffered significant flooding disasters.
With such wide spread damage and destruction, Business and Government have pledged their support to primary producers, businesses and individuals who have been victims of these disasters. Our clients, staff and their families have been directly and indirectly affected by the floods and we are working to support them. Click here to read Pitcher Partners' Bulletin providing a brief snapshot of flood relief information. Further Uncertainty Relating to the Taxation of Trusts - 21 January 2011
A recent Federal Court case has created further uncertainty regarding the taxation of trusts and has once again highlighted the need for legislative reform in this area. Unfortunately, the decision provides little by way of guidance and further highlights the uncertainty and ambiguity of the application of the trust taxation provisions. Click here to read Pitcher Partners' Tax Bulletin analysing the significance of this case.
WorkCover and Contractors - Recent Amendments - 21 December 2010
Recent amendments to the Victorian WorkCover legislation have been passed by the Victorian Parliament and commence on 1 July 2011. The amendments resulted from a review of the accident compensation legislation and are designed to streamline and simplify the legislation. Click here to read Pitcher Partners' Tax Bulletin analysing the significance of this legislation.
Division 7A: the ATO's Discretion to Disregard a Deemed Dividend or Allow a Deemed Dividend to be Franked (Part 1) - 17 December 2010
Earlier this week the ATO issued a Ruling outlining when it will make a decision to exercise its discretion to relieve taxpayers from the application of Division 7A. The release of the Ruling brings to focus the potential difficulties that may occur in seeking the ATO’s discretion and highlights the importance of seeking appropriate advice about the operation of Division 7A. Click here to read Pitcher Partners Tax Bulletin on this topic. Court Decision Gives Taxpayers More Certainty on GST Status of Residential Premises - 14 December 2010
The Full Federal Court handed down its long anticipated decision in the case of Sunchen Pty Ltd v Commissioner of Taxation FCA 21, providing more certainty to taxpayers in determining whether GST is payable on supplies of residential premises. However, there will continue to be issues in terms of distinguishing between residential premises and other types of property for GST purposes. Click here to read Pitcher Partners Tax Bulletin on this topic. ATO Targets Retirement Village Operators that On-sell Services to Residents -19 November 2010
The Australian Taxation Office has published a Taxpayer Alert in relation to retirement villager operators who on-sell services to their residents in an attempt to claim greater GST credits.
Click here to read Pitcher Partners Tax Bulletin on this topic. Private Companies with Unpaid Present Entitlements - the ATO's proposed administrative approach now finalised - 15 October 2010 The Australian Taxation Office has now issued the long awaited final version of its Practice Statement regarding the circumstances in which a private company with an unpaid present entitlement ("UPE") from an associated trust may be taken to have made a loan to that trust within the meaning of Division 7A. Click here to read Pitcher Partners Tax Bulletin on this topic. The Growth Areas Infrastructure Contribution is now in force - 7 July 2010 The Growth Areas Infrastructure Contribution ("GAIC") came into force on 1 July 2010. It has commenced despite the fact that the legislation to expand Melbourne's Urban Growth Boundary is still being considered by Parliament. Now that the GAIC has commenced, affected land owners and their advisors need to take action in order to avoid incurring unexpected costs. Click here to read Pitcher Partners Tax Bulletin on this topic. Employment Taxes Update - 11 June 2010 With the year end fast approaching, your attention will turn to a number of employment related taxes and obligations such as PAYG, Payroll Tax, WorkCover and Superannuation Guarantee. This bulletin will provide some information and tips around completing year end returns and declarations, as well as an update of some recent developments. Private Company with an Unpaid Present Entitlement - 4 June 2010 Some six months after it released a draft version, the ATO has issued its final Ruling on the circumstances in which a private company with an unpaid present entitlement (“UPE”) from an associated trust may be taken to have made a loan to that trust within the meaning of Division 7A. Click here to read Pitcher Partners Tax Bulletin on this topic. Taxation of Trusts - The ATO 'Speaks' 3 June 2010 As we highlighted in an earlier Tax Bulletin, in late March this year the High Court handed down an important decision regarding the taxation of the beneficiaries of trusts. The ATO has now outlined the compliance approaches it will take as a result of the High Court decision.
New Zealand 2010 Budget: Important Tax Changes - 1 June 2010 The New Zealand Government has recently handed down its 2010 Budget and it contains some important tax changes. This bulletin discusses the most significant tax changes. Click here to read Pitcher Partners Tax Bulletin on this topic. 2010/11 Federal Budget - 11 May 2010 Click here to read Pitcher Partners 2010/11 Federal Budget Newsletter. New Tax System for Managed Investment Trusts - 7 May 2010 The Government has announced today that a new dedicated tax system for Managed Investment Trusts will be introduced from 1 July 2011. Click here to read Pitcher Partners Tax Bulletin on this topic. Victoria's Growth Areas Tax to Proceed - 6 May 2010 The Bill to implement Growth Areas Infrastructure Contribution in Victoria has been re-introduced into Parliament and is expected to become law soon. When the Bill does become law, it will be accompanied by the law that will expand Melbourne's Urban Growth Boundary to include an additional 24,500 hectares of developable land. Click here to read Pitcher Partners Tax Bulletin on this topic. Victorian Budget 2010/11 - 4 May 2010 The Victorian Government has this afternoon handed down its Budget for the 2010/11 financial year. The Budget provides for modest tax relief in the form of a reduction in the rate of payroll tax and a cut in WorkCover premiums. Click here to read Pitcher Partners Tax Bulletin on this topic. The Henry Review: What It Means to You and Your Business - 2 May 2010 On 2 May the long anticipated "root and branch" review of the Australian taxation system as well as the Government's initial response to the recommendations made in the Henry Review was finally released to the public. Click here to read Pitcher Partners Tax Bulletin on this topic. Research and Development Update: Revised Exposure Draft - 15 April 2010
Following the release late last year of an exposure draft on its proposed changes to the R&D tax concessions, the Federal Government has tried to respond to criticisms from industry, professional bodies and tax professionals by releasing a revised second exposure draft on 31 March 2010. Click here to read Pitcher Partners Tax Bulletin on this topic. Important Development Regarding the Taxation of Trusts - 31 March 2010 Whilst the ATO has yet to outline the compliance approaches it will now take as a result of the High Court decision, it is likely that it will withdraw Practice Statement PS LA 2005/1 (GA) - which allows a departure from the proportionate approach to tax the recipient of a capital gain even though they do not receive any other income. The effect (if any) that the withdrawal of this Practice Statement may have will depend on the terms of the relevant trust deed.
Click here to read Pitcher Partners Tax Bulletin on this topic.
Division 7A - The 'Minefield' Has Now Been Enlarged - 25 March 2010
Division 7A contains a complex set of provisions that have long been regarded as a veritable 'minefield' for the unwary - a 'minefield' that will be made even worse if the amendments to Division 7A that are proposed in a Bill currently before Parliament are enacted.
Click here to read Pitcher Partners Tax Bulletin on this topic. New Zealand Government Announces Possible Increase in GST Rate - 23 March 2010 The New Zealand Government has recently announced that it is giving serious consideration to increasing the GST rate to 15% from the current rate of 12.5%. There are a number of issues that will affect most businesses with operations in New Zealand, or that transact with New Zealand customers or suppliers if the GST rate does increase.
Click here to read Pitcher Partners Tax Bulletin on this topic. Fringe Benefits Tax - Are You Ready? - 11 March 2010 With the end of the fringe benefits tax ('FBT') year fast approaching, it is timely to focus on some of the more common issues and problem areas associated with FBT. Reminder - R&D Application Due 30 April 2010 - 19 February 2010 Pitcher Partners' clients are reminded that registration applications for the R&D Tax Concession for the year ended 30 June 2009 must be lodged with AusIndustry by 30 April 2010. New Land Tax Notification Requirements - 9 February 2010 Recent amendments to the Land Tax Act 2005 and the Taxation Administration Act 1997 impose new notification requirements on land owners in Victoria that pay land tax.
The new notification requirements will impact taxpayers in relation to their 2010 land tax assessments.
Where a taxpayer fails to notify the State Revenue Office as required, it now has authority to impose a penalty on the taxpayer.
Click here to view the full Pitcher Partners Tax Bulletin. Research and Development Tax Concessions Proposed Laws for the New Regime - 15 January 2010 On 18 December 2009 the Government released draft legislation for the new Research and Development (“R&D”) Tax Incentive Program. This draft legislation introduces a new “Tax Offset” regime that is intended to replace the current R&D Tax Concession rules.
Click here to view the full Pitcher Partners Tax Bulletin on the Tax Concessions Proposed Laws. |
Bulletins