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Thousands of trusts are considered financial institutions under the US Foreign Account Tax Compliance Act (FATCA), and even more are considered to fall into the category under the Common Reporting Standard (CRS).
It has been widely reported in the media that the Federal Government has succeeded in
securing passage of parts of its Enterprise Tax Plan, following negotiations with Senator
The Australian Taxation Office (ATO) has issued Taxpayer Alert TA 2017/1 which highlights certain stapled trust arrangements that the ATO considers could have the potential to recharacterise trading income into more favourably taxed passive income. A stapled trust arrangement is generally one...
New financial reporting arrangements are being introduced for residential aged care and home care package providers, with providers who report on a 30 June financial year-end basis needing to submit their reports by 31 October 2017.
On 20 December 2016, the Australian Accounting Standards Board (AASB) issued the highly anticipated new Accounting Standard AASB 1058 Income of Not-for-Profit Entities.
The new Super Rules have been passed by both houses of Parliament and are just waiting on Royal Assent - generally this is a mere formality.
In a complex and lengthy judgment, the high court of Australia has finalised a saga of litigation which spanned a number of years. Bywater investments limited & Ors v Commissioner of Taxation; Hua Wang Bank Berhad v Commissioner of Taxation  HCA 45.
The Federal Government has released the report in its Review of the R&D Tax Incentive. The Government has asked for submissions on this report by 28 October 2016.