CofT v Sharpcan Pty Ltd – Full Federal Court held that $600k that a pub paid for 10 year statutory ‘gaming machine entitlements’ were s8-1 deductible (as not ‘capital’) or deductible on a 5-year ‘blackhole’ write-off basis (if it was a capital expense)

A majority of the Full Federal Court has dismissed the Commissioner’s appeal against an AAT decision allowing a $600k deduction, for expenditure on gaming machine entitlements (GMEs), allocated by the State of Victoria. The Court held that this expense was deductible under s8-1 of the ITAA97 or, in the alternative (if the expense was ‘capital’…

Draft legislation for 1 Year exemption from the ‘Work-test’ for 65 – 74 year old recent retirees, with a superannuation balance under $300,000 – $25k concessional and $100k non-concessional caps continue (but not 3 year ‘bring forward’)

On 2 October 2018, the Government has released draft legislation to give eligible older Australians additional flexibility to contribute more into superannuation as they move into retirement – as announced in the 2018-19 Budget as part of the More Choices for a Longer Life package. Currently, there is a ‘work test’ hurdle, which is that individuals…

GST – States agree to end ‘tampon tax’ and consider the Commonwealth’s new basis for dividing the GST Revenue between the States & Territories – Council on Federal Financial Relations meeting

The Treasurer reported that the Council on Federal Financial Relations (CFFR) met in Melbourne on 3 October 2018. The ‘tampon tax’ will be removed – Significantly, he reported, there was unanimous agreement amongst the States  to remove the GST on feminine hygiene products (the States and Territories are the beneficiaries of the GST revenue and have to…

Regime to centralise ‘business registers’; starting with ASIC transferring 34 registers to the ABR (ATO); ‘Director Identification Number’ requirement to be created – draft legislation released

On 1 October 2018, Treasury released draft legislation proposing to implement its 2018-19 Federal Budget measures to modernise business registers and introduce Director Identification Numbers (DIN). SUBMISSIONS are due by 26 October 2018. The legislative package, includes: A new Bill: the draft Commonwealth Registers Bill 2018 (Bill 1) – which establishes a statutory regime by which Commonwealth agencies may…