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Allan Mortel

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Start date for new MIT regime deferred again … to 1 July 2013

One of the tax measures in the mid-year economic and fiscal outlook announced earlier this week by the Deputy Prime Minister and Treasurer, the Hon Wayne Swan MP, is the further deferral of the new Managed Investment Trust (MIT) regime to 1 July 2013 to allow “more time for consultation with stakeholders about how to best implement the elements of the package”.  This does not seem to have received a lot of attention compared to the furore over some of the other tax measures, such as the Fringe Benefits Tax (FBT) reform for Living Away From Home Allowances (LAFHA).

A trust’s investment portfolio is not automatically on capital account

The ATO has finalised a Tax Determination that deals with whether gains and losses from the disposal of investments held by a trust are on revenue or capital account.

Proposed FAF rules will not apply for the 2010-11 income year

In one of his final announcements before the end of the 2011 financial year, the Assistant Treasurer, the Hon Bill Shorten MP, announced that the proposed Foreign Accumulation Fund (FAF) rules will not apply for the 2010-11 income year.

Moore Stephens welcomes this timely announcement as it provides certainty for the funds management industry and its investors at the commencement of the reporting season for the 2010-11 year.

NFP tax concessions reform - an opportunity to provide your views

The Assistant Treasurer, the Hon Bill Shorten MP, has released a consultation paper with further details of the Federal Government’s 2011-12 Budget announcement to reform the use of not-for-profit (NFP) tax concessions for unrelated commercial activities from 1 July 2011.

START DATE FOR NEW MIT REGIME DEFERRED TO 1 JULY 2012

The Assistant Treasurer, the Hon Bill Shorten MP, recently announced a 1-year deferral in the commencement date of the new MIT regime from 1 July 2011 to 1 July 2012.  The deferral is the result of “overwhelming feedback” received during the consultation process that, while supportive of this positive reform, called for further time to ensure effective operation within the new MIT tax system.

Moore Stephens CIV discussion paper submission

Review of tax arrangements applying to collective investment vehicles discussion paper.

ATO focus on businesses - A timely reminder

The mid-way point of the 2011 financial year is a good time to recap the key risk areas identified by the Australian Taxation Office (ATO) in its Compliance Program 2010-11 released in July last year.

The ATO Compliance Program is important for all taxpayers given that it outlines the areas that the ATO will be focusing on during the next financial year.

The issues outlined in the ATO Compliance Program are varied. Moore Stephens clients should review the key points and discuss any concerns with their Moore Stephens advisor.

New Reporting and Withholding Requirements for Financial Institutions Investing in the United States

Under the Foreign Account Tax Compliance Act (FATCA) payments by US residents to foreign financial institutions can be subject to a 30% withholding tax from 1 January 2013 unless the foreign financial institution meets reporting obligations with the Internal Revenue Service (IRS). 

Moore Tax News- Win for Aid/Watch in High court

WIN FOR AID/ WATCH IN HIGH COURT - POLITICAL ACTIVITY SUPPORTS, NOT OVERRIDES, CHARITABLE PURPOSE

The decision of the High Court last week in Aid/Watch v Commissioner of Taxation [2010] (Aid/Watch) overturned the decision of the Full Federal Court in September 2009 which ruled that Aid/Watch was not a charitable institution, due to its political activity

Company supporting community bank is now tax exempt; decision now subject to ATO challenge

A Federal Court decision handed down by Perram J in Wentworth District Capital Ltd v Commissioner of Taxation [2010] FCA 862 ruled that a company supporting a community bank was established for ’community service purposes’ and was therefore exempt from income tax.


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