Australian Taxation Office
New or updated materials on ATO website, including:
- Tax Risk Management and Governance Review Guide which allows taxpayers to self-evaluate their governance framework and strategic and operational tax risks. The guide is based on what the ATO believes is corporate tax governance 'better practices' and aims to assist taxpayers to develop a tax governance framework, test the robustness of the design of a framework against ATO benchmarks and demonstrate the operating effectiveness of internal controls to stakeholders.
- Distributions from discretionary trusts to self-managed super funds under ATO scrutiny
- Commissioner's speech to COSBOA National Small Business Summit outlines ATO initiatives supporting small business taxpayers
- myDeductions App for individuals to track and record work-related deductions for the current financial year
- Increase in preservation age effective from 1 July 2015
- Effective life reviews underway for certain depreciating assets used in certain agricultural and manufacturing industries
- Class Rulings and addendum to GST Ruling scheduled to be published on Wednesday
- New Practice statement on Advance Pricing Agreements to be published on Thursday
GST threshold for imported goods
In a speech by the Treasurer at the COSBOA National Small Business Summit on Friday, it was suggested that there may be changes to the GST low-value import threshold. Specifically the Treasurer stated that "Our application of GST to imported digital products is potentially going to go further following discussions with the State Treasurers in mid-August. We've now found a way to ensure that those providing goods from overseas, into Australia, do not get any advantage out of the tax free threshold."
ASX updated guidance
This LegalTalk Alert summarises the key features of the ASX’s updated guidance on continuous disclosure obligations of listed entities. The revised ASX guidance contains further information on how the ASX considers that listed entities should deal with analyst forecasts, consensus estimates, earnings surprises, and analyst and investor briefings in the context of complying with their continuous disclosure obligations.
Business Names (Availability of Names) Determination 2015 and accompanying Guidelines, registered today, set out rules regarding the determination of whether business names are identical or nearly identical, the kinds of names that are undesirable, and words or expressions that are restricted (also see Minister for Small Business media release).