ATO Updates
Section 100A Guidance
The ATO has provided clarification before the Senate Economics Legislation Committee on 6 April that TR 2022/D1 and PCG 2022/D1 (covered in the Birchstone Brief for the week ended 25 February 2022) are not intended to apply on a retrospective basis.
The ATO also clarified its statement in TA 2022/1 (also covered in the Birchstone Brief for the week ended 25 February 2022) that the promoter penalties in Subdivision 290-B of Schedule 1 to the Taxation Administration Act 1953 (Cth) could potentially apply to apply to tax advisers promoting certain family trust arrangements, explaining that the penalties target individuals actively promoting such arrangements in return for commissions or success fees rather than agents simply receiving fees for providing ordinary advisory services.
Rulings
The ATO has issued CR 2022/39 – EFM Corporate Pty Ltd – Health and fitness equipment services.
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