The retrospective change in the small company tax rate is starting to register for companies across the country. The tax rate change came at a significantly late point in the 2016/17 tax year and as such may have caught some taxpayers by surprise.
Bill Shorten has announced that he intends to impose a ‘minimum tax rate’ of 30 per cent on distributions made from discretionary trusts to adult beneficiaries as an effort to ‘crackdown’ on income splitting and tax minimisation by high wealth individuals if Labor get elected.
Australia’s Federal tax commissioner, Chris Jordan, has recently announced his intention to increase compliance activity for individuals and business owners who have been claiming deductions they are not entitled, in an aim to reduce the nations ‘tax gap’.
ASIC has released its report detailing findings from its surveillance of 28 responsible entities and their compliance with their legal obligations. Generally, ASIC has found the majority of responsible entities demonstrated a commitment to complying with their legal obligations.