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The valuation and appropriate treatment of entitlements in Employee Share Schemes (“ESS Interests”) is a frequent issue in the determination of financial matters on relationship breakdown but causes significant complexities.
The 2015/2016 financial year will have 27 fortnightly pay periods.
Do you ‘cash out’ fringe benefits and think this solves everything? Think again, You may have a latent tax problem.
The much-discussed loss carry-back provisions were introduced into Parliament yesterday (Wednesday 13 February 2013). These provisions seek to allow a company to carry back losses incurred in the current income year to be offset against taxable income from previous years. This will allow companies to access their tax losses sooner, effectively relieving pressure on businesses operating in today’s patchwork economy.
On 1 October 2014, the Commissioner released the Goods and Services Tax Ruling GSTR 2014/1 – Goods and services tax: motor vehicle incentive payments that provides guidance on the GST treatment of incentive payments made by motor vehicle manufacturers, importers and distributors (manufacturers) to motor vehicle dealers (dealers) under floor plan (bailment) arrangements.
In our October 2014 Tax Alert we highlighted the announcement by the Federal Government (as part of its Industry and Competitiveness Agenda) to change Australia’s Employee Share Scheme (ESS) tax laws. The Government has now released draft legislation to reform the ESS rules, primarily designed to bring them more in line with international standards to assist Australian business attract, retain and incentivise employees in an international labour market. If these changes become law they will apply to ESS shares and rights acquired on or after 1 July 2015.
Tax alert: GST & remote housing accommodation
Late last year the ATO released guidance on the GST treatment of residential premises and commercial residential premises in the form of three new GST rulings.