Below are articles that appeared in our monthly magazine Voice. The NTAA constantly strives to keep members informed on all tax issues that may affect you.
NTAA and Tax Office come to terms on Benchmarking Editor: Following on from the concerns we expressed in the two last editions of Voice, Tony Jones attended a Tax Office (ATPF) meeting on behalf of the NTAA after having posed the question below. To their credit, the ATO gave the matter serious consideration and provided a full and forthright verbal presentation and open discussion. We have provided a synopsis of the discussion for your interest.
Now, Malcolm wants to get rid of 50-60% of "I" returns! ATO's new benchmarking process
Not another move to get rid of salary and wage returns!
Tax Reform still on the agenda
Improvements to the TaxTeam's Hotline We will be more strictly implementing the "10-minute rule". This rule, limiting TaxTeam calls to 10 minutes, has in the past been implemented on a more ad hoc basis, and, unfortunately, some members still try to stretch their calls, which reduces the time available for the other members.
What do we do with Outsourcing or Off-shipping? A contentious issue that is fast looming on the horizon is that of "Outsourcing or Off-shipping", the growing practice of having accounting, and sometimes tax work, completed overseas – typically in low-cost jurisdictions such as India and Malaysia.
In the last 12 months, the NTAA has asked members to nominate clients who would apply to the Commissioner for a determination allowing a related party to sell water rights to, and/or lease water rights from, their SMSF.