Media release – Treasury

March 24th 2011

The Government has announced that it has accepted recommendations for the resource rent tax. Read more >

ATO releases newguidance regarding the Advance pricing arrangement (APA) program .

The ATO today released new guidance regarding the Advance pricing arrangement (APA) program. Increased demand combined with more complex business arrangements have required the ATO address the way the APA system is handled.

For more comprehensive references please see: Practice Statement Law Administration PS LA 2011/1 which replaces the ATO’s previous guidance, Taxation Ruling TR 95/23.

The APA can be:
- unilateral : between us and the taxpayer
- bilateral : between us, the taxpayer and one tax treaty partner
- multilateral : between us, the taxpayer and more than one tax treaty partner

Currently there are 109 APA's in place: 58 APAs with large business and 51 with small to medium enterprises.

Fringe Benefits Tax – Fly in/ Fly out employees

March 14th 2011

The Assistant Treasurer, Bill Shorten, has announced that legislation will be introduced to extend the exemption from fringe benefits tax (FBT) for travel between home and work sites for fly-in/fly-out employees working overseas, and their employers.

This amendment will remove the possibility of double taxation of fly-in/fly-out benefits received by Australians working in remote locations overseas. It will also ensure those workers are taxed consistently and will provide certainty sought by industry regarding the FBT implications of Australian residents employed overseas.

See media release Providing certainty for the taxation of fly-in/fly-out employees working overseas issued by the Assistant Treasurer on 18 November 2010

ATO update to deceased estates

Click here for full details.

Scam Watch - Businesses be alert

All business needs to be on the alert for scammers . The ever increasing incidence of fraudulent / scam transactions requires all business to be alert to this reality. This  unfortunately is also relevant to disaster support and by parties who are seeking to rely on business and consumer goodwill arising from disasters such as the Japanese Tsunami/ earthquake. There are a number of government web sites that track and try and alert businesses to these practices but the best way is to be vigilant .The following web site is something that someone in the office  should be reviewing periodically as part of the risk minimization protocols . There are also sites on ASIC that should also be reviewed .

The scams include but are not limited to;

- Banking and online accounts
- Medical
- Chain letter
- Identity theft
- Investments
- Employment

Read more >

ATO report on its prosecution results

- 412 people convicted for tax and super offenses
- 332 individuals and 66 companies fined and/or put on good behaviour bonds
- 11 custodial sentences ranging from six months to over eight years
- 14 people convicted following prosecution by the Commonwealth Director of Public Prosecutions.