News & Info

Historic announcement of a Mutual Recognition of Securities Regulation Arrangement with the US Securities And Exchange Commission [MR 2008/53]

Reported jump in Choice of fund members It was recently reported that a major clearing house for superannuation payments in Australia has processed an unprecedented number of requests from Australians opting out of their ‘default super fund’ in the past 12 months.

Clarification on superannuation income streams & payment summaries for 2007-08 On 19 August 2008, the Tax Office sought to clarify the position in regard to payment summary requirements for individuals in receipt of superannuation income streams (SISs), who are completing their income tax returns for 2007-08.

Media Release 2008/43 issued on 27 August 2008 announced Taxpayer Alert 2008/17, which warns people that the Tax Office intends to closely scrutinise GST refund request that could result in windfall gains not intended by the law.

The Tax Office has announced that distributions from partnerships and trusts to the respective partner and beneficiary returns for the years ended 30 June 2004 to 30 June 2007 are being reviewed to ensure that distributions have been correctly disclosed.

After the Commissioner announced transitional arrangements for the Tax Office’s reconsidered view of the tax treatment of agricultural managed investment scheme, and introduction of TR 2007/8 in 2007.

On the front page of August 22 edition of the Financial Review, an article titled Many unhappy returns for tax agents dealt with the increasingly complex tax and legal landscape tax agents face every day - more demanding clients that seek instant answers, staff shortages, constantly changing tax laws and higher workloads.

The Government announced a $150,000 threshold for dependant tax offset in the Budget Night on 13 May 2008. From 1 July 2008, only taxpayers with taxable income of $150,000 or less are eligible to claim the dependant tax offset.

The Commissioner has launched the ATO compliance program for 2008 - 2009 which sets out some key compliance priorities for this financial year. The Commissioner said the program will help taxpayers understand and meet their tax and superannuation obligations at the lowest possible cost.

Taxpayers Australia was recently represented at the consolation meeting with The Board of Taxation in Melbourne to review the legal framework for the administration of GST.