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The Commissioner has announced that the ATO will obtain details of entities receiving taxable payments from various local government Councils and Shire authorities throughout New South Wales, Victoria, Queensland, Western Australia, South Australia, Tasmania, and the Northern Territory. The data-matching program covers the 2011 to 2014 financial years.

 

On 6 November 2013, the government confirmed it would proceed with introducing an annual Australian aggregated turnover threshold, so that very large businesses with turnover of $20 billion or more will no longer be eligible for the research and development (R&D) tax incentive. These businesses will be eligible to claim their R&D expenditure under general tax law provisions, for example, as deductions at the corporate tax rate for business expenditure.

Australian taxpayers are being cautioned to make sure they declare income sourced in Japan, with the exchange of tax information and cooperation increasing between the two countries. The Australian Tax Commissioner met with the Commissioner of the Japanese National Tax Agency this month to discuss the use of a bilateral treaty to undertake joint compliance projects as well as multilateral cooperation.

 

The Australian Taxation Office (ATO) is warning people to be careful when using share trading transactions known as dividend washing. The ATO is concerned that some entities are trading listed shares on a Special Market operated by the Australian Securities Exchange (ASX) with the sole purpose of obtaining additional franking credits.

 

As in previous years, the Australian Taxation Office (ATO) has stated that their offices will be closed during the Christmas-New Year holiday period and they will not be processing any forms, applications or returns. You will still be able to lodge returns during this period, however returns lodged from mid-December to early January will take longer than usual to process.