australian taxation office

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Govt to Recover Cost of Rich Tax Probe

The federal government is on track to recoup at least all of the $305 million allocated to investigate the tax affairs of the nation's rich.Project Wickenby was established in 2006 to detect and disrupt international tax avoidance and evasion, with all $305 million in funding to be spread over...

Tags: Audit, Australian Taxation Office, Taxes, Free Trade, Financial Planning, Finance, AAP

News items 2008-04-30

Additional Resources

Guild welcomes partial GST abolition: ATO announcement on weight loss products welcomed, but clarity needed for future.

Tegan Fleming Pharmacy has welcomed a decision to drop GST charges on selected weight loss products sold before 1 July 2007. LAST week the Australian Taxation Office (ATO) announced that retail pharmacies would not be required to pay GST on...

Articles 2008-03-13

Owners stand alone in tax ruling

FROM MARCH 28, AMPLE EXPENSIVE horseflesh will go on sale at the Magic Millions yearlings sale on the Gold Coast. Whether prices will reach the 2007 average sale of $180,000 following a rough year for Australian horseracing remains to be seen. The effects of equine influenza were devastating for...

Articles 2008-03-01

Departure issues

Taxing Times: ROBERT RICHARDS EXPLAINS WHY USING TRICKS INSTEAD OF THE LAW WON'T WASH WITH THE TAX OFFICE; AND LOOKS AT A CASE OF ASSESSED DEBT THE AUSTRALIAN TAX OFFICE HAS the power to prevent people leaving Australia if it thinks they owe tax. It does this...

Articles 2008-03-01

Magellan Announces Tax Settlement With australian taxation office

HARTFORD, Conn., Feb. 7 /PRNewswire-FirstCall/ -- Magellan Petroleum Corporation reported that the Company's wholly-owned subsidiary, Magellan Petroleum Australia Limited ("MPAL") has reached an agreement to settle an ongoing dispute between MPAL and the Australian Taxation Office ("ATO") concerning the matters discussed below for an aggregate settlement payment...

Articles 2008-02-07

Australian minister in Japan amid whale row

TOKYO (AFP) — Australia's foreign minister held talks with Japan Thursday amid a bitter feud on whaling as the two countries tried to show that their close relationship was otherwise intact. Stephen Smith was on his first foreign trip since taking office, coming to Japan from mutual ally...

Articles 2008-01-31

Australian minister due in Japan amid whale row

TOKYO (AFP) — Australian Foreign Minister Stephen Smith was due Thursday in Japan as part of his first foreign trip since taking office, amid a bitter feud between the allies over whaling. Smith was heading to Tokyo from the United States, the closest ally of both Australia and...

Articles 2008-01-30

Time out for Tax Office

Taxing Times; ROBERT RICHARDS CPA LOOKS AT AN INTRICATE TIME-SENSITIVE CASE INVOLVING A RESOURCES GIANT, AND HAS A CLEAR WARNING FOR ACCOUNTANTS NOT TO STEP INTO THE LEGAL REALM THE INCOME TAX LAW IS FULL OF instances where a taxpayer has to do something on or before...

Articles 2007-12-01

New financial year resolution: clean up the Div 7A loans mess

Division 7A: A NEW PRACTICE STATEMENT GIVES PRIVATE COMPANIES THE CHANCE TO FIX UP CERTAIN OUTSTANDING NON-COMPLIANT DEBIT LOANS, WRITE MICHAEL PARKER AND ANDREW O'BRYAN IN A PIECE OF GOOD NEWS FOR private companies and their shareholders, the Australian Taxation Office has released a practice statement giving...

Articles 2007-10-01

When a client changes accountants

Taxing Times: ROBERT RICHARDS CPA LOOKS AT CASES INVOLVING OVERCLAIMING OF AN INPUT AND THE CHANGING OF ACCOUNTANTS, WHY GST IS PAYABALE ON PROMOTIONAL "GIFTS", AND LAMENTS CONFUSION CAUSED BY CONSOLIDATIONS THERE IS ALWAYS A STEADY STREAM of penalties cases before the Administration Appeals Tribunal and occasionally...

Articles 2007-09-01

How much is enough?

OPINION IS DIVIDED ABOUT THE IDEAL MINIMUM ASSET VALUE FOR SELF-MANAGED SUPER FUNDS Australia has just witnessed a breathtaking surge in the popularity of self-managed superannuation funds (SMSFsJ. An estimated 40,000 SMSFs were established in 2006-07, smashing through the previous record high set three years ago. ...

Articles 2007-09-01

[1321] Increasing penalty for failing to lodge a return, etc.

Byline: Lisa Mak Jul 16, 2007 (Weekly Tax Bulletin - ABIX via COMTEX) -- The Australian Taxation Office (ATO) has issued Taxation Ruling MT 2007/1. The ATO states in the document that where an entity is liable to a penalty under subsection 284-75(3)...

Articles 2007-07-16

[1324] Assessable income; return of capital.

Byline: Lisa Mak Jul 16, 2007 (Weekly Tax Bulletin - ABIX via COMTEX) -- The Australian Taxation Office (ATO) issued two class rulings on 4 July 2007. These two rulings are: CR 2007/62 "Income tax: assessable income: employees of Inco Australia Management Pty...

Articles 2007-07-16

[1325] Addenda to taxation determinations: capital gains; PAYG withholding.

Byline: Lisa Mak Jul 16, 2007 (Weekly Tax Bulletin - ABIX via COMTEX) -- The Australian Taxation Office (ATO) issued two taxation determinations on 4 July 2007. These two determinations are: TD 2000/41 "Capital gains: are the two requirements in subsection 124-75(4) of...

Articles 2007-07-16

[1323] Timber projects.

Byline: Lisa Mak Jul 16, 2007 (Weekly Tax Bulletin - ABIX via COMTEX) -- The Australian Taxation Office (ATO) issued two product rulings on 4 July 2007. These two rulings are: PR 2007/69 "Income tax: Macquarie Forestry Investment 2007 (post 30 June 2007...

Articles 2007-07-16

[1322] Div 7A benchmark interest rate for 2007-08.

Byline: Lisa Mak Jul 16, 2007 (Weekly Tax Bulletin - ABIX via COMTEX) -- The Australian Taxation Office (ATO) has issued Taxation Determination TD 2007/23. The ATO states in the document that, for the income year that commenced on 1 July 2007, the...

Articles 2007-07-16

[1330] Simplified super: Refinements to Income Tax; SIS and RSA regs.

Byline: Stuart Jones Jul 16, 2007 (Weekly Tax Bulletin - ABIX via COMTEX) -- Regulations giving effect to the Australian Government's simplified superannuation changes were registered on 29 June 2007. These regulations are: Tax Assessment Amendment Regulations 2007 (No 6); Superannuation Industry...

Articles 2007-07-16

[1328] Product Rulings withdrawn.

Byline: Lisa Mak Jul 16, 2007 (Weekly Tax Bulletin - ABIX via COMTEX) -- The Australian Taxation Office has withdrawn a number of product rulings, with effect from 4 July 2007. The withdrawn rulings include: PR 2002/135 "Tax consequences of investing in UBS...

Articles 2007-07-16

Fraudsters caught out by ATO.

Byline: Justin Lim Jul 16, 2007 (Money Management - ABIX via COMTEX) -- Two brothers have received jail terms after pleading guilty to tax fraud of more than $A3.5 million. Mark and Robert Norman operated an accounting firm in a Sydney suburb from...

Articles 2007-07-16

[1317] More ATO superannuation publications.

Byline: Lisa Mak Jul 16, 2007 (Weekly Tax Bulletin - ABIX via COMTEX) -- The Australian Taxation Office has released a number of superannuation-related publications and forms. These documents include: "Tax-free component of income streams after a trigger event"; "How your super...

Articles 2007-07-16