IGTO report on ATO handling of objections
The result of a recent review into the ATO’s handling of objections by taxpayers has been released by the Inspector-General of Taxation and Taxation Ombudsman (IGTO). While this initial review merely analysed ATO’s data in order to report the information publicly with no in-depth investigations, the issues identified will form the basis of Phase 2 …
FBT record-keeping: simplification of requirements
In order to reduce red-tape for businesses, the government has released draft legislation to allow employers to rely on existing corporate records, rather than employee declarations and other prescribed records to finalise their FBT returns. This will be achieved by giving the Commissioner the power to make legislative instruments to determine the kinds of adequate …
Period of review changes coming for SMEs
Some small and medium business entities (SMEs) could soon be excluded from the shorter 2-year amendment period and subject to the standard 4-year period if Draft Regulations proposed by the government are registered. In their current form, the Regulations will only affect entities with related-party dealings, international dealings, those entitled to the R&D tax offset …
Electric cars to be exempt from FBT
An employee’s private use of an electric car provided by an employer may soon be exempt from FBT if the newly introduced legislation receives Assent. This measure was a part of a suite of energy policies taken to the election by the Labor party, which its hoped will increase the uptake of electric cars. To …