Measures No 2 Bill 2022 passes ParliamentThe Treasury Laws Amendment (2022 Measures No 2) Bill 2022 has passed Parliament and awaits Royal Assent. It will: require electronics platform operators to provide information on transactions to the ATO; enable small business entities to apply to the AAT for an order staying, or otherwise affecting, the operation or implementation The post Daily Update- 29 November 2022 appeared first on IFPA Newsroom | The Institute of Financial Professionals Australia ..read more

The ATO has released final Taxation Ruling TR 2022/3 (and accompanying compendium) about the PSI rules and how they apply to an individual or entity (previously released as draft Taxation Ruling TR 2021/D2 – see Outlook Issue 12, page 16).  TR 2022/3 consolidates and updates into a single Taxation Ruling the ATO’s two earlier Taxation Rulings on PSI (TR 2001/7 Income The post NEWSFLASH: TR 2022/3: Final ruling on Personal Services Income (PSI) and Personal Service Business (PSB) rules appeared first on IFPA Newsroom | The Institute of Financial Professionals ..read more

PSI ruling releasedThe ATO has released Taxation Ruling TR 2022/3 Income tax: personal services income and personal services businesses. It does the following things: (a) combines and updates Taxation Rulings TR 2001/7 Income tax: the meaning of personal services income and TR 2001/8 Income tax: what is a personal services business – but does not change the principles as established in The post Daily Update- 25 November 2022 appeared first on IFPA Newsroom | The Institute of Financial Professionals Australia ..read more

ATO: One million directors still need to apply for director IDThe ATO has advised that around one million directors still need to apply for their director ID before the 30 November deadline. The Australian Business Registry Services, which administers the new system, is urging directors not to leave it to the last minute to apply. Tax Bill for The post Daily Update- 24 November 2022 appeared first on IFPA Newsroom | The Institute of Financial Professionals Australia ..read more

SMSF reporting: What and when to reportThe ATO has reminded SMSFs that they must report certain events to the ATO in the event-based reporting framework for SMSFs. The ATO has provided information on: Events you need to report; How often and when you need to report; When you need to report sooner; Working out your reporting due The post Daily Update- 23 November 2022 appeared first on IFPA Newsroom | The Institute of Financial Professionals Australia ..read more

Draft legislation:Government’s response to the review of the TPBThe Government is seeking stakeholders’ views on exposure draft legislation on the recommendations of the review into the effectiveness of the Tax Practitioners Board (TPB) and Tax Agent Services Act 2009 (TASA). The proposed amendments to the TASA are intended to enhance community confidence, increase the independence and effectiveness of the The post Daily Update- 21 November 2022 appeared first on IFPA Newsroom | The Institute of Financial Professionals Australia ..read more

Draft Leg: amendments to tax treatment of share buybacksThe Government has released exposure draft legislation to give effect to its announcement in the October 2022-23 Budget that the tax treatment of off-market share buy-backs undertaken by listed public companies will be aligned with the tax treatment of on-market share buy-backs. The measures are intended to ensure that The post Daily Update- 18 November 2022 appeared first on IFPA Newsroom | The Institute of Financial Professionals Australia ..read more

Measures No 2 Bill 2022 passes ParliamentThe Treasury Laws Amendment (2022 Measures No 2) Bill 2022 has passed Parliament and awaits Royal Assent. It will: require electronics platform operators to provide information on transactions to the ATO; enable small business entities to apply to the AAT for an order staying, or otherwise affecting, the operation or implementation The post Daily Update- 29 November 2022 appeared first on Tax and Superannuation Newsroom | Tax & Super Australia ..read more

PSI ruling releasedThe ATO has released Taxation Ruling TR 2022/3 Income tax: personal services income and personal services businesses. It does the following things: (a) combines and updates Taxation Rulings TR 2001/7 Income tax: the meaning of personal services income and TR 2001/8 Income tax: what is a personal services business – but does not change the principles as established in The post Daily Update- 25 November 2022 appeared first on Tax and Superannuation Newsroom | Tax & Super Australia ..read more

ATO: One million directors still need to apply for director IDThe ATO has advised that around one million directors still need to apply for their director ID before the 30 November deadline. The Australian Business Registry Services, which administers the new system, is urging directors not to leave it to the last minute to apply. Tax Bill for The post Daily Update- 24 November 2022 appeared first on Tax and Superannuation Newsroom | Tax & Super Australia ..read more