New or updated materials on ATO website, including:

  • The ATO is seeking feedback on the issue of when a power of veto can constitute negative control for the purposes of Section 102N of Division 6C of the Income Tax Assessment Act 1936 (public trading trusts) as this is commonly raised as an area of uncertainty. Submissions can be made until 17 April 2015.
  • JITSIC Network meeting: The Commissioner of Taxation, Chris Jordan, attended the first meeting of the Forum on Taxation Administration Joint International Tax Shelter Information and Collaboration (JITSIC) Network in Paris where members agreed on the bilateral and multilateral cooperation and collaboration framework, and priorities for multilateral projects.
  • Speech by the Assistant Commissioner Self-Managed Superannuation Fund (SMSF) Segment, Matthew Bambrick, to the Tax Institute 12th Annual Superannuation Intensive Conference, in which a range of SMSF tax issues including compliance, exempt current pension income, minimum pension requirements and non-commercial limited recourse borrowing arrangements were discussed.