spacer
spacer
spacer
spacer



CPA LOGO
spacer
Latest News
Hot Issues
Small businesses may ‘collapse under strain of payday super’, IPA warns
ATO’s hands tied with scrapping on-hold debts, expert says
What Drives Your Business Growth and Profits?
Australian Taxation Office (ATO) shifting to firmer debt collection activity
Why employee v contractor comes down to fine print
Sharing economy reporting regime for platform operators
Countries producing the most solar power by gigawatt hours
Illegal access nets $637 million
Accessing superannuation benefits.
Does your business have a company Power of Attorney?
Labor tweaks stage 3 tax cuts to make room for ‘middle Australia’
GrantConnect
2 in 3 SMEs benefit from instant asset write-off, survey reveals
Updated guidance on R&D claims
Do you know how to recover debts?
Wheat Production by Country
Types of small business benchmarks
What is a Commercial Lease?
ATO warns advisers against suspect R&D tax claims
The year of workplace law upheaval
How to Resolve Invoice Payment Disputes
Raft of revenue tweaks in MYEFO to raise millions
The Countries that Export the Most Wine in the World
Articles archive
Quarter 4 October - December 2023
Quarter 3 July - September 2023
Quarter 2 April - June 2023
Quarter 1 January - March 2023
Quarter 4 October - December 2022
Quarter 3 July - September 2022
Quarter 2 April - June 2022
Quarter 1 January - March 2022
Quarter 4 October - December 2021
Quarter 3 July - September 2021
Quarter 2 April - June 2021
Quarter 1 January - March 2021
Quarter 4 October - December 2020
Quarter 3 July - September 2020
Quarter 2 April - June 2020
Quarter 1 January - March 2020
Quarter 4 October - December 2019
Quarter 3 July - September 2019
Quarter 2 April - June 2019
Quarter 1 January - March 2019
Quarter 4 October - December 2018
Quarter 3 July - September 2018
Quarter 2 April - June 2018
Quarter 1 January - March 2018
Quarter 4 October - December 2017
Quarter 3 July - September 2017
Quarter 2 April - June 2017
Quarter 1 January - March 2017
Quarter 4 October - December 2016
Quarter 3 July - September 2016
Quarter 2 April - June 2016
Quarter 1 January - March 2016
Quarter 4 October - December 2015
Quarter 3 July - September 2015
Quarter 2 April - June 2015
Quarter 1 January - March 2015
Quarter 4 October - December 2014
Quarter 4 of 2015
Articles
FBT – Christmas Parties and Taxi Fares
Merry Christmas for 2015 and Happy New Year.
Common errors in claiming deductions for super contributions
Employee Christmas Parties and Gifts – Any FBT?
Collectables Require Action Now
Why the ATO’s new powers make SMSF compliance more important than ever
Self Managed Superannuation Funds – Is it for Retirement?
ATO warns against misusing partnerships
The Scammers Shame
ATO offers SMSF 'unwinding' for aggressive tax arrangements
Salary and Wages PAYG Shortfall
SuperStream
Australian Taxation Office (ATO) Telephone Scammers – BEWARE!
Navigating the BDBN minefield
SMSFs warned on emerging LRBA issue
Short Access to Term Deposits
Retirees taking super in lump sum is a ‘myth'
ATO offers SMSF 'unwinding' for aggressive tax arrangements

SMSF trustees with certain dividend stripping arrangements in place can unwind the arrangement with reduced regulatory follow-up.



             


Over the next few months, the ATO will contact SMSF trustees who may have implemented the types of dividend stripping arrangements described in Taxpayer Alert 2015/1 in the income tax years ended 30 June 2011 to 30 June 2015.


Trustees will be offered the option to either self-amend relevant SMSF annual returns or to contact the ATO to make a voluntary disclosure to correct the tax position resulting from such arrangements.


“We recognise the importance of preserving the assets which SMSFs hold to fund retirement incomes so we are only seeking to unwind these arrangements,” the ATO stated.


Trustees who have implemented an arrangement substantially similar to the one described in TA 2015/1 and its addendum and who choose to self-amend will not be subject to administrative penalties, the ATO said.


However, a shortfall interest charge (SIC) will apply to the tax shortfall amount.


“Penalties may apply to arrangements more complicated in their structure and intent, and therefore such arrangements will be considered on a case-by-case basis,” the ATO said.


To be eligible for reduced penalties and to avoid compliance action, trustees who are not contacted by the ATO earlier must lodge the relevant amended SARs by 15 February 2016.


“We recognise that some arrangements may look right and trustees think the advice they have received is sound, but there may still be underlying problems such as those identified in TA 2015/1,” the ATO said.


“We don’t believe trustees should be harshly punished when they think they have done the right thing."


 


Katarina Taurian
​Thursday, 12 November 2015
accountantsdaily.com.au




25th-November-2015
spacer
Privacy Policy | Disclaimer