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Fuel Tax Credits - Toll Road Full Federal Court Decision Impact Statement

26/09/2019

The Australian Taxation Office (ATO) has published the Decision Impact Statement (DIS) on Linfox Australia Pty Ltd v Commissioner of Taxation (2019) FCAFC 131 (the Toll Road case). On the primary issue decided, the DIS states “The Full Court decision confirms the ATO view that a ‘public road’ is a road that is available for […]

Gifted assets treated as assessable income

14/02/2019

The Federal Court of Australia handed down an income tax decision in favour of the Commissioner of Taxation on 7 February 2019. Victoria Power Networks Pty Ltd v Commissioner of Taxation [2019] FCA 77 Correct income treatment The dispute involved the correct income treatment for VPN of electricity connection work assets that were required to […]

ATO extends reportable tax position (RTP) schedule obligations

07/02/2019

Reduced turnover threshold of AUD25m will see many more companies required to lodge a ‘reportable tax position’ (RTP) schedule with their 2019 tax returns. Background Since 2011, the ATO has required certain companies to lodge an RTP schedule with their annual tax return. The RTP schedule requires disclosure of information regarding uncertain tax positions, and […]

NEW: CTS GST Data Analytics

09/07/2018

Maximise opportunities, manage risks In-house tax, finance and accounting functions are increasingly using business data analytics insights to assist in managing their GST obligations. Manage GST compliance risks The Australian Taxation Office are increasingly taking an automated approach to tax audits using data analytical tests to identify errors and anomalies. Running analytical tests on your […]

2018 Employee Share Scheme Reporting - Are you ready?

05/06/2018

The Australian Taxation Office (ATO) has reporting obligations in place affecting those who offer Employee Share Schemes. Find out how our ATO-approved software can simplify your reporting obligations. The Australian Taxation Office (ATO) have reporting obligations in place, affecting those who offer shares or share options to their employees. Employers can no longer lodge their […]

ALERT: Property Changes from 1 July 2018

16/04/2018

Property Changes from 1 July 2018 The Treasury Laws Amendment (2018 Measures No 1) Bill 2018 received Royal Assent on 29 March 2018. The changes come into effect from 1 July 2018. The new rules require purchasers of new residential premises and potential residential land to remit the GST payable on the supply directly to the ATO. Property Changes […]

ALERT: Are you a substantial employer?

27/03/2018

Are you a substantial employer and if so, ready for the Single Touch Payroll framework? As of 1 April 2018 a headcount must be conducted on all employees including full-time, part-time and casuals that worked at least once in the month of March. Single Touch Payroll (STP) is the new reporting framework under which employers […]

Innovation and Science Australia’s (ISA) 2030 Strategic Plan

31/01/2018

The ISA 2030 strategic plan was released yesterday. This outlines 30 recommendations to strengthen Australia’s innovation performance through to 2030. We are pleased to see recommended increases to the Export Market Development Grant program. In addition, the plan recommended the below changes to the R&D Tax Incentive program. This follows the government commissioned Ferris, Finkel […]