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ATO Notices

Capital protected products

The Tax Office has sought to clarify rulings, following an announcement by the Government of its revised tax treatment of capital protected products.

www.ato.gov.au/content/Corporate/mr2003051.htm

Superannuation guarantee

The ATO has reminded employers to ensure they fulfil Superannuation guarantee obligations, following ATO data-matching advice that 26,000 employers have been identified as at risk of non-compliance.

From July 1, employers will be required to make superannuation guarantee contributions at least each quarter rather than at least once a year as is currently the case.

Information for employers unsure of their obligations is available from 13 10 20 and www.ato.gov.au/super.

Agency relationships

The Tax Office has released an addendum relating to the GST ruling GSTR 2000/37, on agency relationships and the application of the law.

www.ato.gov.au/content/Corporate/mr2003052.htm

Guide for GST administration management

The ATO has published The Better Practice Guide for the Management of GST Administration to assist government agencies to establish appropriate internal control frameworks for the effective management of GST administration within their organisations.

www.ato.gov.au/content/Businesses/33253.htm

Trans-Tasman imputation

A new ATO document and fact sheet provide information on the Trans-Tasman imputation measure that was introduced into Parliament in Taxation Laws Amendment Bill (No 6) 2003.

www.ato.gov.au/content/Businesses/32963.htm

www.ato.gov.au/content/Businesses/33018.htm

Timor Sea Treaty

A new ATO fact sheet outlines tax changes affecting the Joint Petroleum Development Area.

www.ato.gov.au/content/Businesses/33099.htm

Australia - US Double Tax Agreement

The ATO has prepared a summary on the Australia/United States Double Tax Agreement

www.ato.gov.au/content/Businesses/15737.htm

Division 7A answers

The ATO has prepared a list of frequently asked questions and answers on when a payment, loan or debt forgiveness by a private company to a shareholder or shareholder's associate is taken to be a dividend, and the taxation implications of this.

The list, aimed at understanding interpretations of Division 7A of Part III of the Income Tax Assessment Act 1936, is available from www.ato.gov.au/content/Businesses/32059.htm.

GST and vouchers

The ATO has clarified GST implications for vouchers (tokens, coupons or similar articles which can be redeemed for a supply of goods or services), including those donated to charities and third party reimbursements.

The latest ruling explains how the GST law applies to providers and recipients of vouchers.

It explains what a voucher is and when they are taxed under special GST rules.

This ruling is on www.ato.gov.au, via Legal Database, and Updates.

Same Business Test

Schedule 7 of the Taxation Laws Amendment Bill (No.5) 2003 introduced into Parliament in March, incorporates amendments to the Income Tax Assessment Act 1997 (ITAA 1997) for the application of the same business test.

The Bill and Explanatory Memorandum is available from www.aph.gov.au, and information is available from the Business Tax Reform Helpline, 13 24 78.

This same business test measure was announced in May 2002 as part of the 2002-2003 Federal Budget.

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