GST

GST withholding: finalised ATO guidance does not even out the bumps

GST withholding: finalised ATO guidance does not even out the bumps

GST withholding on taxable supplies of certain new residential premises or potential residential land is now in effect and applies to contracts entered into on or after 1 July 2018 (or contracts before that date where the first consideration other than the deposit is paid on or after 1 July 2020).

Sladen Snippet - “Look through” LRBAs now law – ATO extends administrative approach to pre 24 September 2007 LRBAs

Sladen Snippet - “Look through” LRBAs now law – ATO extends administrative approach to pre 24 September 2007 LRBAs

The income tax look-through treatment for limited recourse borrowing arrangements (LRBAs) is now law with the Tax and Superannuation Laws Amendment (2015 Measures No 2) Act 2015 receiving royal assent on 16 September 2015. This means that, effective from 1 July 2007, a super fund under a LRBA will generally be treated as the owner of an asset bought under the arrangement for income tax purposes (including for capital gains tax purposes). This includes that the bare trust under an LRBA does not need a tax file number and does not need to lodge a tax return.