Support for ATO’s management of aggressive tax planning
An Australian National Audit (ANAO) report released today supports the Tax Office’s current handling of aggressive tax planning.
Published: January 29 2004
Outcome of lodgment report – electronic media specification version 5.0
This specification details the system requirements necessary for super providers to electronically receive superannuation outcome of lodgment reports. Valid from March 26.
Published: January 28 2004
Computer Assisted Verification (CAV) for businesses with a turnover of $100 million or less
To provide a quicker and more effective method of auditing where records are stored in an electronic format, the Tax Office is utilising a tool called Computer Assisted Verification (CAV).
TA 2004/3 – Dividend Stripping/Distribution of Surplus Profits Arrangements
This Taxpayer Alert describes arrangements involving the transfer of retained earnings and/or current year profits of a company to the shareholders or their associates in a non-taxable form.
Profit stripping under investigation by the Tax Office
Tax Commissioner Michael Carmody today warned businesses using manipulated share losses to avoid paying tax that they are under investigation.
Account statements for superannuation guarantee charge
Monthly superannuation guarantee charge (SGC) account statements will soon be sent to all employers who have a continuing unpaid SGC debt.
Published: January 27 2004
Forex – the 12 month rule
This is a special rule that allows short term foreign exchange gains and losses to be treated in a manner consistent with an underlying asset.
Published: January 26 2004
Forex – the retranslation election
This election allows a taxpayer to bring to account gains and losses in relation to certain foreign currency accounts on a retranslation basis.
Superannuation guarantee report
Employers who contribute to an accumulation fund or a retirement savings account must provide written details of the superannuation contributions to their employees within thirty days of making the final contribution for each quarter.
Published: January 23 2004
Effective Life Reviews
The Effective Life team is responsible for creating and authorising the ATO view on all issues concerning the effective life of depreciating assets.
Announcement: Fuel sales grants scheme
On January 22 the Deputy Prime Minister, John Anderson, announced the abolition of the fuel sales grants scheme (FSGS).
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