Australian Taxation Office
New or updated materials on ATO website, including:
- New and withdrawn class rulings issued yesterday
- Addendum to MT 2010/1: Restrictions on GST refunds under s105-65 of Schedule 1 of the Taxation Administration Act 1953 - includes comments on administration fees
- Withdrawn PS LA 2002/7: Amendment of an employer's fringe benefits tax assessment which requires an adjustment to a previously advised reportable fringe benefits amount (guidance on this issue can be found in the ATO's FBT Guide for Employers
- Offshore marketing hubs: ATO will provide practical guidance to help taxpayers self-assess their transfer-pricing activity in respect to related party offshore marketing hubs. Consultation will commence from August, with the aim to provide practical information for taxpayers including framing questions and quantitative indicators ('risk flags') that taxpayers should consider when assessing their level of compliance risk.
- Consolidated groups - common tax loss errors
- Large business restructuring - contact the ATO
Foreign resident capital gains withholding tax
The Government has released exposure draft legislation regarding the measure announced in the 2013-14 Federal Budget to introduce, from 1 July 2016, a 10% non-final withholding tax on the disposal of certain taxable Australian property by foreign residents. Submission can be made until Friday 7 August 2015.