Business sale earnout arrangements back in spotlight
The Coalition government has decided that it will proceed with a long-standing proposal to improve the current tax treatment of earnout arrangements.
ATO administration of valuations under review
The Inspector-General of Taxation, Mr Ali Noroozi, is reviewing the ATO’s administration of valuation matters.
ATO data-matching targets bank card sales
The ATO has announced that it will request and collect data relating to credit and debit card sales of merchants for the periods from 1 July 2012 to 30 June 2014 from various financial institutions, including the four major banks in Australia: Australia and New Zealand Banking Group, Commonwealth Bank of Australia, National Australia Bank and Westpac Banking Corporation.
Motel business refused GST tax credits
A motel business has been mostly unsuccessful before the Administrative Appeals Tribunal (AAT) in a dispute with the ATO concerning claims for input tax credits.
Director penalty notices valid
A director of a company has been unsuccessful before the New South Wales Court of Appeal in arguing that director penalty notices issued to him for some $1 million (including interest) were invalid.
Tax changes following mining tax repeal
The Coalition government late last year introduced a Bill into Parliament to repeal the mining tax. A number of other tax measures and concessions associated with the mining tax are also proposed to be repealed or revised.