Tax System Improvement

A PAYGI materiality threshold

That a materiality threshold should be included in determining whether or not PAYG income tax is required to be paid quarterly so that businesses with a very low income tax liability are not required to pay quarterly installments. What should this be?

Submitted by (@moderatorboardoftaxationsecretariat)

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1 vote
1 up votes
0 down votes

Tax System Improvement

Unpaid SGL

Unpaid SGL I have found attempting to assist a 22 year client be paid their SGL entitlement for two years work that often involved 50 hour weeks , 6 days a week has been futile. I have a chain of emails of 4 pages long to and from various ATO divisions, the appropriate Ombudsman and our local politician. Despite providing names of the directors and the company name, phone numbers of current business and the directors ...more »

Submitted by (@brianw)

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1 vote
1 up votes
0 down votes

Tax System Improvement

Ability to appoint multiple public officers

Companies carrying on a business or deriving property income in Australia are required to have and must appoint a public officer for the company. Amongst other things, the appointed public officer is the only person who is entitled to sign the company tax returns. The legislation does not allow for the appointment of multiple public officers for a particular company. There should be opportunity to appoint more than one ...more »

Submitted by (@moderatorboardoftaxationsecretariat)

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4 votes
4 up votes
0 down votes

Tax System Improvement

tax transparency

Public tax transparency laws should be changed to require the ATO to publish current year accounting profit/loss extracted from the tax return as well as the current total turnover, taxable income and taxes payable figures. This should help in the public's understanding of company tax performance and reduce the chance of the current data being used in a misleading fashion. It also better aligns with what companies ...more »

Submitted by (@taxfacts)

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1 vote
1 up votes
0 down votes

Tax System Improvement

Align Fringe Benefit Tax Year with Income Tax Year

For small businesses, calculating expenses that confer fringe benefits using a period that overlaps accounting periods adds an additional compliance burden. By aligning the two periods, a business can use their year-end figures to calculate their expenses for FBT

Submitted by (@markcaldwell)

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6 votes
6 up votes
0 down votes

Tax System Improvement

ESS and Interests in Foreign Vehicles

Need further guidance from the ATO with respect to Employee Share Schemes (ESS) and whether interests in certain common kinds of foreign vehicles (such as a limited liability company) qualify as 'shares' or 'ordinary shares' under the ESS rules, in particular, subsections 83A-10(1) and 83A-45(2) of the ITAA 1997.

Submitted by (@moderatorboardoftaxationsecretariat)

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5 votes
5 up votes
0 down votes

Tax System Improvement

Productivity and workplace diversity – current measures ineffect

There are currently two FBT exemptions currently available which relate to child care: 1. Exemption for the provision of child care facilities – a key requirement is that the employer must provide the child care facility on its business premises. 2. Exemption for contributions made to obtain priority of access – of little practical value when compared to the cost of child care itself. It is understood that only an exceptionally ...more »

Submitted by (@brianpurdy)

Voting

87 votes
88 up votes
1 down votes

Tax System Improvement

Changes to the Non-concessional Contribution Caps

As a result of the May 2016 Budget announcement changing the non-concessional contributions (NCC) cap, some taxpayers did not put the previously allowed $540k into their SMSFs as a NCC by 30 June 2016. However, under the revised Government announcement in September 2016, some taxpayers would have been permitted to do so. If a taxpayer turned 65 between the two announcements, the taxpayer could no longer contribute the ...more »

Submitted by (@thetaxinstitute)

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1 vote
1 up votes
0 down votes

Tax System Improvement

Automatic Country by Country Reporting Exemption

Significant global entities are required to prepare and submit a Country by Country ("CbC") report with the ATO pursuant to Sub-division 815-E unless an exemption is granted by the ATO. The ATO has released exemption guidance which states that an exemption is not automatially provided to entities that do not need to lodge an IDS (i.e entites that do not have cross border transactions > $2m). Instead, entities need to ...more »

Submitted by (@simone.lunny)

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1 vote
1 up votes
0 down votes

Tax System Improvement

AMIT regime - platforms & wraps

Platforms, wraps, IDPS and IDPS-like schemes are not currently deemd as "good" investors for a fund that is trying to satisfy the eligibility requirements for entry into the AMIT regime. Platforms etc have very large numbers of investors (in the thousands) and a platform investor could easily satisfy the widely held requirement if each investor were to invest into a fund directly. The current law results in a significant ...more »

Submitted by (@financial.services.council)

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11 votes
11 up votes
0 down votes

Tax System Improvement

My gov

Currently you cam only use an email address for one my gov registration. While the rationale is understandable. It doea not work effectively. This practice stops children from assisting parents or relatives to lodge tax returns. This is an easy fix which provides greater flexibility and will increase participation with My Gov

Submitted by (@tonrid52)

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8 votes
8 up votes
0 down votes