1 May 2012
In this week’s Tax highlights we feature:
- Inspector-General of Taxation’s (IGT) review into small and medium enterprises (SMEs) and high wealth individuals (HWIs): Released last week, this review has identified key opportunities for improvement in a number of areas, such as technical capability and support, initial compliance decision making, and information gathering. The IGT made 41 recommendations, of which the ATO has agreed in full with 38, two in part and disagreed with one
- Tax relief for superfund mergers: The Minister for Financial Services and Superannuation has announced amendments to allow complying superannuation funds to merge without triggering adverse tax consequences. Broadly, the amendments propose an optional loss relief for mergers of complying superannuation funds from 1 June 2012 to 1 July 2017, and an optional roll-over and loss relief for capital gains and capital losses on mandatory transfers from 1 July 2013 to 1 July 2017
- Early guidance released on administrative approach to resource rent taxes | The ATO has released for consultation early guidance on its:
- Administration of minerals resource rent tax (MRRT) instalments for the transitional period
- Approach to administrative penalties during the transitional period following the commencement of the proposed MRRT and petroleum resource rent tax,
- Approach to resource rent tax examinations of joint ventures.
Plus we provide our synopsis of the latest tax-related cases, legislative developments, announcements, ATO information and releases, and international tax developments.