Last month (Withholding Tax Get a certificate and make it go away?), we drew attention to the application of a withholding tax which all prospective vendors of real property and vendors of certain other property (e.g. certain shares or trust units) need to consider. It was noted that foreign resident capital gains withholding tax […]
From 1 July 2016 purchasers of certain Australian assets will need to withhold and remit to the ATO part of the purchase price. This article looks at action which vendors (including NFPs) can take in order to avoid this occurring in some instances.
Eligibility – Taxpayer Alert 2016/5 – Purported tax-exempt non-profit ‘foundations’ used to evade or avoid taxation obligations
used to evade or avoid taxation obligations The ATO is investigating the use of non-profit ‘foundations’ as vehicles to avoid or evade tax. This article outlines the scope of the ATO’s areas of interest, its line of enquiry and ATO action as set out in the Taxpayer Alert.
There have been calls within the not-for-profit sector for introduction of an estate duties. The calls suggest an estate duty will provide ‘untold’ bounty to the non-profit bodies. This article looks at the calls. – If you disagree with the comments feel free to engage in the debate through this newsletter by emailing the TaxEd […]
Eligibility Q&A – Deductibility of optional payment made to a DGR simultaneously with a payment to attend a fundraising function.
Will an optional payment that is solicited by a public ancillary fund be deductible where it is sought simultaneously with another organisation’s fund raising event?
This article outlines Treasury’s proposals for changes to the legislative instruments which contain the respective ‘Guidelines’ applicable to Public and Private Ancillary Funds. It notes that changes will have effect from 1 July 2016 and that the opportunity to make submissions on the proposed changes closes shortly.
In focussing on day to day activities and reacting to opportunities and suggestions em…
Companies operating in Australia are generally required to pay tax at the rate of 30% on their profits (28.5% for small businesses). …