There is currently little guidance provided to the mining industry on Research and Development (R&D) and its interactions with the tax system. Propose that the ATO provide consistent levels of R&D guidance/advice across all industries in order to provide clarity and certainty.
Tax System Improvement
For large withholders, the total salary and wages amount recorded at label W1 on a Business Activity Statement (BAS) is not used for the purposes of any calculations within the BAS. However, conducting the calculations required in order to complete this label can be administratively burdensome. Propose that the requirement to complete this label be removed for large withholders.
The inclusion of deferred tax liabilities in the tax cost setting process adds complexity to the consolidations regime and results in a mismatch of tax and commercial outcomes. Propose deferred tax liabilities be excluded from the entry and exit tax cost setting calculations.
The term "approved stock exchange" is used in various places throughout the income tax laws and affects, amongst other things, whether companies are "widely held" for the purposes of the tax laws. Ensure taxpayer certainty by updating the list of approved stock exchanges in Schedule 5 to the Income Tax Regulations 1997 so as to take account of acquisitions and/or name changes of stock exchanges previously on the list. ...more »
The new foreign resident withholding rules which apply to certain transactions involving the acquisition of interests in Australian real property etc do not appear to deal with the transfer of assets as a result of the death of an individual. As the rules are drafted, it appears that a withholding obligation might be triggered when an individual dies holding Australian real property valued at $2m or more and the property ...more »
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?
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 »