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The Board has received the following suggestion during the course of its consultations. The existing process for the treatment and remediation of excess superannuation contributions is unfair and overly bureaucratic. Many directors with contributions multiple organisations and death and disability insurance find it difficult to comply with the existing caps. Where they don't they are required to be advised by the ...more »
This is a test idea
Under current arrangements shareholders of listed companies are asked to provide their TFN to the investee company. If shareholders do not provide their TFN, the company must withhold tax at the highest marginal rate on any non-fully franked dividends paid to these shareholders. In a demerger situation, the demerging company is not permitted to transfer the TFN of a shareholder that will also have or has a shareholding ...more »
The Board has received the following suggestion during the course of its consultations. The current provisions around excess superannuation tax are bureaucratic and cumbersome especially for non-executive directors with the decision to include death and disability insurance in the superannuation contributions cap. Many persons will inevitably be in breach of the cap, especially those receiving multiple group certificates. ...more »
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 »
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?
Introduce a general safe harbour effective life for long-life depreciating assets in Division 40, much like the small business general asset pool (say 20 years).
Amend transfer pricing rules so that when a taxpayer’s gearing ratio falls within the safe harbour rations, the taxpayer’s debt deductions are priced, for the purposes of the transfer pricing rules, on the basis of the taxpayer’s actual gearing ratio and not by reference to a notional arm’s length capital structure.
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 current pay as you go (PAYG) instalment calculations represent a substantial compliance burden. Simplify the various methods to calculate PAYG instalments by, for instance, basing them off accounting profit figures.
GST law does not adequately deal with joint ventures (JVs) and in particular, the use of multiple JVs within the oil and gas industry. To reduce complexity and achieve a revenue neutral outcome, propose the amendment of Division 48 of the GST Act to allow commonly operated GST JVs and/or GST JVs involved in common project developments to form a GST Group. Alternatively, amend the existing GST JV provisions of Division ...more »
Each State has its own system with inconsistent record keeping requirements in relation to Royalties. To ease compliance burdens and reduce uncertainty, consider developing a 'pro-forma' system that each of the States could adopt.