From 1 July 2018, the rate of tax a company pays, and the rate at which it can frank its dividends, depends upon whether the company is a ‘base rate entity’ or not.
From 1 July 2018, the rate of tax a company pays, and the rate at which it can frank its dividends, depends upon whether the company is a ‘base rate entity’.
From 1 July 2018, the rules for determining the rate of tax paid by a company changed fundamentally. Now, the company tax rate depends upon whether the company is a ‘base rate entity’.
Another administrator of a deceased estate has ended up in court because of the conflict between her role as administrator of her late husband’s estate and claimant of his death benefit.
Following the April 2019 budget, the ATO looks set to secure an additional $1 billion in funding to tackle tax avoidance. We have recently seen the ATO move its audit activity towards arrangements that many advisers consider to be sensible commercial tax planning rather than tax avoidance.
GST is payable on taxable supplies and taxable importations. In some cases, one transaction can constitute both a taxable supply and a taxable importation.
Since the introduction of the new superannuation rules that apply from 1 July 2017, there have been technical issues with transition to retirement income streams (TRIS). For examples, see our earlier publication TRIS and the new amendments to the 2016 Budget measures.
The Personal Properties Securities Register (PPSR) will be seven years old on 30 January 2019; accordingly, security interests with seven year registration periods will, unless renewed, expire from 30 January 2019.
The government has released draft legislation that provides more scope for contributions to superannuation once someone has turned 65. Generally, the trustee of a superannuation fund can only accept a contribution for someone who has turned 65 (and is under 75) if they satisfy the work test in the year of the contribution (worked at least 40 hours in a consecutive 30-day period).
Over the last few years, courts have been called upon to consider whether the executor or administrator of a deceased estate can claim a superannuation death benefit for themselves, or whether they are conflicted from doing so.
We reported the initial Federal Court decision in the Aussiegolfa (DomaCom) case late last year. The full Federal Court has handed down its decision on the appeals (Aussiegolfa Pty Ltd (Trustee) v Commissioner of Taxation [2018] FCAFC 122).
Contrary to popular belief, transactions involving cryptocurrencies such as bitcoin are not always anonymous. The ATO is set to audit transactions involving cryptocurrency in the coming months.