Bill Shorten has announced that he intends to impose a ‘minimum tax rate’ of 30 per cent on distributions made from discretionary trusts to adult beneficiaries as an effort to ‘crackdown’ on income splitting and tax minimisation by high wealth individuals if Labor get elected.
Australia’s Federal tax commissioner, Chris Jordan, has recently announced his intention to increase compliance activity for individuals and business owners who have been claiming deductions they are not entitled, in an aim to reduce the nations ‘tax gap’.
ASIC has released its report detailing findings from its surveillance of 28 responsible entities and their compliance with their legal obligations. Generally, ASIC has found the majority of responsible entities demonstrated a commitment to complying with their legal obligations.
With the Fourth Industrial Revolution (as some are calling it) at our door – disruption is the key word in the modern age. The concept of disruption has been a core philosophy of the tech industry, and has led to transformation in various industries such as communication, entertainment, and finance.
In recent weeks, there have been a number of reports in the newspapers that the Australian Taxation Office (“ATO”) has potentially opened the floodgates for passive investment companies to make further tax claims. The potential change relates to companies that derive income from their inactive investments, becoming eligible for the...