WAP026 Tax News 20th July 2016

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Exciting tax times this week, as they are every week (sarcasm intended) however, there Episode 26 is very much a listen as in this podcast Tyler discusses several of the weeks changes in detail. It may even pique your interest as to whether or not the small business restructure is something you should be considering. Specific items discussed in the podcast are:

Companies who provide their Australian-based employees the opportunity to participate in an employee share scheme (ESS) have to meet mandatory reporting obligations to both those employees and to the Australian Taxation Office (ATO) and they are 14th of July 2016 and 14th of August 2016 respectively.
The ATO has simplified the process of claiming fuel tax credits for those claiming less than $10,000 in fuel tax credits a year. From the Business Activity Statement (BAS) period ending 31 March 2016 onwards, where there is a change in the rate during a BAS period, the claim may be calculated by using the rate applicable at the end of the period. Also, to calculate the quantity of fuel purchased in a tax period, the total cost of fuel purchased may be divided by the average price per litre for the BAS period.
The ATO has updated information on fuel tax credit rates that will apply from 1 July 2016. For heavy vehicles using taxable fuel such as diesel or petrol, and travel on public roads, the fuel tax credit rate has increased to 13.6 cents per litre from 1 July 2016. For such users, as the road user charge exceeds the rate of duty paid for biodiesel (B100), there is no fuel tax credit entitlement for B100. The fuel tax credit rate for biodiesel is 1.3 cents per litre from 1 July 2016.
The ATO has released the following Law Compliance Guidelines relating to small business restructure roll-overs introduced by Tax Laws Amendment (Small Business Restructure Roll-over) Act 2016:
- ?LCG 2016/2 Small Business Restructure Roll-over: consequences of a roll-over
- LCG 2016/3 Small Business Restructure Roll-over: genuine restructure of an ongoing business and related matters.

?The ATO has reminded tax practitioners that overseas business clients may no longer be subject to GST from 1 October

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