Australia

Wednesday 26 August 2015 

(1) KPMG NZ - Property bright-line test
(2) Bill receives Royal Assent
(3) ATO Rulings Released - 26 August 2015
(4) ATO DIS - Trustee for SBM Trust v. Commissioner - input tax credits
(5) ATO website update
(6) RBA Conference 2015 - Small Business Conditions and Finance

(1) KPMG NZ - Property bright-line test

 

KPMG New Zealand (NZ) has released an analysis in response to the NZ Government's proposed property "bright-line" test, detailed in the Taxation (Bright-line Test for Residential Land) Bill 2015.

 

(2) Bill receives Royal Assent

 

On 26 August 2015, the Tax Laws Amendment (Small Business Measures No. 3) Bill 2015 received Royal Assent, becoming Act No. 114 of 2015.

 

(3) ATO Rulings Released - 26 August 2015

 

The Australian Taxation Office (ATO) released 4 Class Rulings and 1 Addendum.

 

(4) ATO DIS - Trustee for SBM Trust v. Commissioner - input tax credits

 

The Australian Taxation Office issued a Decision Impact Statement in response to the decision of the Administrative Appeals Tribunal in Trustee for SBM Trust v. Federal Commissioner of Taxation [2015] AATA 174.

 

(5) ATO website update

 

  • Remove the income tax exemption available to certain government employees working overseas
  • South Australian River Murray Sustainability Irrigation Industry Improvement Program
  • SMSF Webinars
  • Lodge SMSF annual returns
  • Register your fund
  • Notice of intent to claim a deduction for a super contribution
  • Large fund risk differentiation framework
  • Reminder – big business to lodge and pay electronically
  • Use the Tax Agent Portal to make super elections
  • PAYG instalment changes
  • Changes to receiving paper activity statements
  • Client list - checks to make before clients are removed
  • Foreign investors need to report

 

(6) RBA Conference 2015 - Small Business Conditions and Finance

 

The Reserve Bank of Australia (RBA) published a volume of conference papers and discussions from the 2015 RBA Conference, which was built around the theme "Small Business Conditions and Finance".

For KPMG clients

If you are a KPMG client and would like to subscribe to Daily Tax News or receive a copy of any of our Tax in Focus briefs, contact your KPMG adviser.

Tax

Tax services
Our Tax team assists with corporate tax, transfer pricing, indirect tax, global mobility, R&D incentives, superannuation and more.