Tax System Improvement

Tax System Improvement

Guidance on Research and Development

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.

Submitted by (@moderatorboardoftaxationsecretariat)
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Tax System Improvement

Remove requirement to complete W1 label on BAS

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.

Submitted by (@moderatorboardoftaxationsecretariat)
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Tax System Improvement

Consolidations - Deferred Tax Liabilities and Tax Cost Setting

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.

Submitted by (@moderatorboardoftaxationsecretariat)
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Tax System Improvement

Foreign resident CGT withholding and death

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 »

Submitted by (@michaelc)
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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
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