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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.
Income tax legislation still operates on the basis that 65 years of age is a ‘cut-off’ for a number of tax concessions or incentives. In practice however, many employers no longer treat 65 years of age as having any definitive impact on their employees employment status. Remove this effective age discrimination from existing tax legislation in areas such as super contributions, genuine redundancy payments, early retirement ...more »
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.
The superannuation anti-detriment rules in s295-485 of the Income Tax Assessment Act 1997 are responsible for causing a large amount of complexity in the superannuation laws. These rules should be removed for the purposes of simplicity.