The Government has introduced into the Parliament its $42 billion economic stimulus package, which consists of five groups of one-off cash payments to eligible taxpayers. The intention of providing these payments is to immediately support jobs and strengthen the Australian economy during a severe global recession.
According to the Government’s announcement, the tax bonus will apply to tangible assets used in carrying on a business, for which a deduction is available under the core provisions of Division 40 (Capital Allowances) of the ITAA97.
Following the assistant Treasurer’s press release in December last year, Treasury has recently released draft regulations proposing to amend the GST Regulations to ensure that all supplies of Automatic Teller Machine (ATM) services are consistently input taxed.
Taxpayer alert 2009/2 was released by the Tax Office recently. The alert warns multi-national businesses to be cautious before entering into cross-border financing arrangements involving certain prepaid forward purchase agreements.