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The Australian Tax Office (ATO) says companies affected by the company tax cut can anticipate the cut in Instalment Activity Statements that they have not yet submitted.

It says it expects the company tax cuts as passed by the Senate to be reintroduced in the House of Representatives (and passed) in May.

The new lower company tax rate of 27.5 per cent will apply only to businesses with a turnover of $10 million or less in 2016-17. The lower rate will apply to businesses with a turnover up to $25 million in 2017-18 and to $50 million in 2019-20. The rate for all businesses under $50 million will fall to 27 per cent in 2024-25, with a further fall of 1 per cent in each of the two following years.

Unless there is further legislation companies with a turnover of more than $50 million will not receive a cut in company tax.

LOWER COMPANY TAX RATE FOR 2016-17

Saturday, 29 April 2017

The Treasurer Scott Morrison says the Australian Tax Office (ATO) has confirmed the new lower company tax rate for small business will apply for the 2016-17 tax year even though legislation for lower company taxes has passed only the Senate, not the House of Representatives.

The Turnbull Government secured passage through parliament of a key part of the company tax cuts which it took to the 2016 election after a compromise deal with the Nick Xenophon Team negotiated during an extended Senate sitting on Friday 31 March.

The Government is trying desperately to win Senate cross-bench agreement to two of its key tax and spending bills before it is forced to significantly modify them or abandon them altogether.

Parliament resumed sitting on Tuesday 21 March for its final two-week sitting before the Federal Budget on 9 May.

The Government has introduced legislation into the Parliament to implement the Diverted Profits Tax – known as the ‘Google tax’, announced last year.

The DPT would prevent multinationals shifting profits made in Australia offshore to avoid paying tax.

Parliament has passed an amendment to the Australian Building and Construction Commission bill passed last November shortening the transition period for the new building industry code from two years to nine months.

The amendment came after independent Victorian senator Derryn Hinch agreed to the change. The Government had reluctantly agreed to the two year waiting period after Senator Hinch had insisted on it as the price of his support for the legislation last year.

The Australian Tax Office (ATO) has announced changes to the way it will in future issue public advice and guidance.

ATO AUSKEY ALERT

Saturday, 29 April 2017

The Australian Tax Office (ATO) has issued an alert to users of the Mozilla Firefox internet browser that they need to make changes to their browser to access ATO portals and other government services using their client’s AUSkey.

In its alert the ATO said that “From 7 March 2017, the latest version of Mozilla Firefox (version 52) will not support AUSkey. A browser extension is now available for Windows users to access services that require an AUSkey in preparation for the Firefox upgrade. Mac users will need to change browsers, for example Google Chrome, with the Chrome browser extension.”

The Tax Practitioners Board (TPB) has issued a warning about likely penalties for BAS and other agents who do not respond in time to its annual agents’ registration requirements.

In the TPB’s eNews for March 2017 TPB chair Ian Taylor wrote that registered practitioners are now due to renew their registration annually. “Your annual declaration is due on the anniversary of your renewal date which you can find on the TPB Register. Those of you who renewed in 2016 will be required to do an annual declaration this year. We will send you an email to let you know when your annual declaration is due and how to complete it, noting that it will not be required in the years that you renew registration.

Legislation has been introduced in federal Parliament to impose GST on small online purchases from overseas. The changes were promised in the 2016-17 Budget.

The Government said the change would assist small local businesses.

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