ATO
- ATO Notice on Law Reform
The following message is being distributed on behalf of the Australian Taxation Office. It provides information to insolvency practitioners on the changes being implemented on 31 December 2007 regarding the superannuation entitlements of employees of companies in liquidation, voluntary administration and receivership. Recovering super entitlements from failed companies - electronic.doc The following links have... Read More »
- Updated GST FAQs
Following the changes to the GST legislation relating to representatives of incapacitated entities, which commenced on 4 December 2009, the ATO have updated the GST Frequently Asked Questions on their website. The FAQs are an excellent starting point for questions about the application of GST to insolvency and can be accessed here . The introduction to the... Read More »
- ATO publications - preferences, pre-appointment returns, indemnities etc
23.7.10: These are links to some new insolvency related publications from the ATO. 1. “ Information for ‘trustees’ appointed under the Corporations Act - Clearances – liquidators and receivers”. This also deals with the obligations of liquidators to prepare tax pre-appointment returns. http://ato.gov.au/taxprofessionals/content.asp?doc=/content/62547.htm&page=2&H2=&pc=001/005/056/001/001&mnu=43704&mfp=001/005&st=&cy=1 2. “ Release of... Read More »
- Security bonds - a new anti-phoenix measure; and other tax changes from 1 July
The Tax Laws Amendment (Transfer of Provisions) Act 2010 has come into law. That Act will amend the existing tax insolvency laws. Amongst other things, the Tax Laws Amendment (Transfer of Provisions) Act includes some reforms targeted at what the government calls ‘fraudulent phoenix activity’ which was the subject of... Read More »
- Release of taxpayer information to insolvency practitioners
The ATO’s paper - “Release of taxpayer information” - explains what information about an insolvent’s tax affairs can be provided by the ATO to an insolvency practitioner. This information includes business activity statements, statements of account, lodgement history, correspondence, and tax returns. The information ATO can provide varies according to the different types of insolvency... Read More »
- Tax information for insolvency regulation purposes - Bill lapsed
With the calling of the federal election, parliament is now prorogued. We understand that the Tax Laws Amendment (Confidentiality of Taxpayer Information) Bill 2010 has therefore lapsed. ------------------------------- The Senate Committee of Privileges report on the Tax Laws Amendment (Confidentiality of Taxpayer Information) Bill 2009 which was due on 12 May 2010 will now be... Read More »
- PM Developments - GST law has commenced
The Tax Laws Amendment (2009 Measures No 5) Bill 2009 commenced operation. The Act amends the law relating to the GST to ensure that a representative of an incapacitated entity (which is tax speak for an insolvency practitioner appointed to a corporate insolvency administration) is responsible for the GST consequences that arise during the administration. The main operative provisions... Read More »