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ATO's draft GST Determination for Margin Scheme Valuations may soon require property developers to obtain new or ‘confirmed’ valuation reports to support the application of the margin scheme for sales of real property that occur outside of the three-month transitional period. Read more about the impact on businesses and the property market.

Recently, the ATO has enforced the use of Single Touch Payroll (STP) and Superstream as their electronical tools to collect both tax and superannuation data from businesses and superannuation funds.

Are you a Director? Has your company met its PAYG, GST and Superannuation obligations? If not, you could be personally liable for these amounts.

Last week the Australian Prudential Regulation Authority (APRA) released the key observations from its thematic review of related party outsourcing arrangements across a sample of 10 retail superannuation trustees with outsourcing contracts worth a combined $1.2 billion annually.

On 6 October 2022, the ATO released Draft Taxation Ruling TR 2022/D2 Income Tax: residency tests for individuals. TR 2022/D2 has consolidated and replaced previous ATO rulings, TR 98/17 and IT 2650 (both withdrawn effective 6 October 2022) on the ATO’s interpretation of the residency rules as set out in Section 6(1) of the Income Tax Assessment Act 1936.

On 21 September 2022 a case was released outlining that on 13 July 2022, the Administrative Appeals Tribunal (AAT) determined that the taxpayer was unable to show that activities were eligible R&D activities for income tax purposes. In doing that, the AAT affirmed the previous decision by ISA.

The ATO has released a draft Margin Scheme Valuation Requirements Determination for comment. While it’s substantially similar to the current determination, its differences may cause issues for property developers.

From 29 September 2022, the temporary halving of fuel excise announced as part of the FY22/23 budget will end.

The deadline for existing Directors to apply for a Director Identification Numbers (DIN) is fast approaching. Existing Directors have until 30 November 2022 to obtain a Director ID. New Directors will need to apply for a DIN prior to being appointed as a Director.

The Senate committee charged with reviewing the government’s proposed new legislation for the exemption from fringe benefits tax (FBT) for electric vehicles (EVs) has now handed down its report.

Since March 2022, existing .au registrants were eligible for the Priority Allocation Process, enabling them to apply for priority status of a direct .au domain name matching their pre-existing domain name. After 20 September 2022, direct .au domain names that have not been registered will be available to the general public.

The Queensland Building and Construction Commission (QBCC) has confirmed that from 1 July 2022, licensees must provide the QBCC with General Purpose Financial Statements (GPFS) when either submitting a Minimum Financial Requirements (MFR) Report to adjust reported Net Tangible Assets (NTA) or Allowable Annual Turnover; or complying with annual reporting requirements (if licence categories 4-7). The changes mean that licensees wishing to adjust their NTA and/or approved turnover should ensure an MFR Report is signed before 31 October 2022 and lodged with the QBCC before 30 November 2022.