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RBT: the big breakfast

Published on 22 Mar 2000 | Took place at Leonda on the Yarra, VIC

This seminar examined recent changes announced such as the anti-avoidance provisions, integrity measures, new aset rules, dividend distributions and small business taxation changes.

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Individual sessions

Changes affecting assets

Author(s):  Steven CERNI A number of amendments were introduced into legislation with the passing of New Business Tax System (Capital Allowances) Bill 1999, which was given Royal Assent on 10 December 1999.The amendments include:Removal of plant and equipment from the CGT regime. Balancing adjustments to be fully included in assessable income. Removal of the option to offset the balancing charges on disposals of plant. Replacement of the current CGT roll-over relief in relation to involuntary disposals.Removal of accelerated depreciation. Replacement of $300 limit with a low value pool for assets costing less than $1,000. Amends the rules in determining the effective life of an item of plant.This paper summarises these amendments in light of the Ralph Review.

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Anti avoidance provisions

Author(s):  John YOUNG Changes in business taxation have accelerated and multiplied since the establishment of the Ralph Review. Already, significant amendments to the business tax system have been legislated and further significant change is presently being drafted. This paper covers anti-avoidance provisions in the areas of prepayments, personal services income, hobby losses and Part IVA changes.

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Integrity measures

Author(s):  Patrick CUSSEN Changes in business taxation have accelerated and multiplied since the establishment of the Ralph Review. Amendments made to the legislation affect the ability of companies to carry forward losses, even losses incurred many years ago. Other provisions, which seek to deal with the duplication of losses, could apply where assets are sold between related entities. This paper explains which changes are already effective and which will apply from 1 July, 2000.

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Dividend distributions: the effect on distribution

Author(s):  John JEFFREYS This paper summarizes some of the proposed changes to taxation laws that affect dividends. The paper covers loans to closely held entities, franking credit refunds, imputation changes due to tax rate changes, the intercorporate dividend rebate, dividend streaming and franking credit trading rules.

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Small business taxation changes

Author(s):  Denise BROTHERTON Changes in business taxation have accelerated and multiplied since the establishment of the Ralph Review. Under A Simplified Tax System (STS) small businesses will obtain some exemptions from the significant changes that have been proposed under the tax reform measures, such as the removal of accelerated depreciation. The purpose of this paper is to provide a summary of the benefits of the STS and the capital gains tax measures as well as some of the issues that need to be considered in determining whether to elect to adopt the STS measures.

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