August 2014 Newsletter
PAYG instalment threshold changes
The ATO has confirmed the Government’s recent announcement that the pay-as-you-go (PAYG) instalment thresholds will change with effect from 1 July 2014.
Budget Levy from 1 July 2014
The Government’s Temporary Budget Repair Levy is now law. The levy is be payable at the rate of 2% of each dollar of an individual’s annual taxable income over $180,000.
ATO mining data to find offshore tax evaders
The ATO says it is mining data to identify individuals with undisclosed offshore income and assets.
Deductions for employee welfare fund denied
The Administrative Appeals Tribunal (AAT) has refused a taxpayer’s claim for deductions for contributions made to an offshore “employee welfare fund”.
Hunger relief organisation wins FBT exemption case
Hunger Project Australia (HPA) has been successful before the Full Federal Court in seeking endorsement as a “public benevolent institution” (PBI) for fringe benefit tax (FBT) purposes.
Damages assessable to director personally
The High Court has affirmed that damages received by an individual following a failed joint venture project were assessable to him personally.
Winemaker not taxable on property sale
The Administrative Appeals Tribunal (AAT) has held that an individual taxpayer who was the controller of several trusts through which he operated a winemaking business, and who was also a beneficiary of the trusts, was not presently entitled to an amount of over $480,000 in profit that one of the trusts made from the sale of business premises.