News

The ATO has provided a comprehensive update on its latest compliance projects and focus areas aimed at mitigating corporate tax avoidance. Manipulation of thin cap rules The ATO is investigating the possible manipulation of the thin capitalisation rules by 27 taxpayers in relation to asset revaluations totalling...

Legislation to implement the 2017–2018 Federal Budget measures aimed at improving housing affordability has now been passed. The Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures No 1) Act 2017 and the First Home Super Saver Tax Act 2017 implement the following measures (both of...

The ATO has released further guidance on when self managed superannuation funds (SMSFs) need to report events affecting their members’ transfer balance accounts (by making a transfer balance account report, or TBAR) for the purposes of the $1.6 million pension cap. Transfer balance account reporting timeframes From...

The ATO has agreed to modify the reporting obligation for total super balances, in recognition that some funds may not be in a position to report the correct accumulation phase value (APV) for 30 June 2017.  The concept of an individual’s “total superannuation balance” is used to determine eligibility for...

The recently introduced Treasury Laws Amendment (Enterprise Tax Plan Base Rate Entities) Bill 2017 ensures that a company will not qualify for the lower company tax rate if more than 80% of its assessable income is passive income.  The Bill modifies the requirements that must be...

The ATO has issued Draft Ruling TR 2017/D7 to give guidance on whether a company is carrying on a business for the purpose of s 23AA of the Income Tax Rates Act 1986. Section 23AA defines a “base rate entity” as an entity that carries on a...