8 October 2012
In this week's Tax highlights we feature:
- Developments on trusts: Minutes from recent meetings of the ATO National Tax Liaison Group Trust Consultation Subgroup have been released and include examples of how the ‘proportionate approach’ applies to the taxation of the net income of a trust. Also, Treasury’s updated Forward Work Program indicates that a discussion paper on modernising the taxation of trust income is expected this month
- Information on LAFHA amendments: The ATO has published information for employees on the amendments to the fringe benefits tax treatment of living-away-from-home allowances which are now law and generally apply from 1 October 2012
- Review into the ATO’s use of benchmarking: The Inspector-General’s ‘Review into the ATO’s use of benchmarking to target the cash economy’ has been released. The review was conducted in response to concerns over the ATO’s use of benchmarks to address underreported income of small businesses.
Plus we provide our synopsis of the latest legislative developments, cases, announcements and ATO information and releases.