AUSTRAC & ACNC’s joint report: ‘Australia’s non-profit organisation sector: money laundering and terrorism financing risk assessment’ – 257,000 NPO’s investigated and ‘medium’ risk identified

Australia’s first risk assessment of charities and non-profit organisations has revealed that the sector that is built around helping the most vulnerable is being targeted by criminals. Minister for Justice Michael Keenan and Assistant Minister to the Treasurer Michael Sukkar today released the joint report by the Australian Chatities and Non-profit Commission (ACNC) and AUSTRAC:…

TPB invites submissions on draft outsourcing and offshoring guidance for tax practitioners – for compliance with their obligations under the ‘Code of Professional Conduct’

The Tax Practitioners Board (TPB) invites comment on a draft practice note which aims to assist registered tax practitioners understand oblilgations under the Code of Professional Conduct (Code) in relation to the use of outsourcing and offshoring. Chair of the TPB, Mr Ian Taylor said: ‘Offshoring and outsourcing services to third parties is of increasing significance to…

DCT v Whiteman – taxpayer denied a stay in proceedings for the collection of $8.5m just because of the risk of bankruptcy inadequately and belatedly deposed

A taxpayer has failed to obtain a stay of proceedings, or alternatively a stay of execution of the judgment should judgment be entered, where the Deputy Commissioner was seeking summary judgment for a tax debt of almost $8.5m. The taxpayer argued that if a stay was not granted, it was virtually inevitable that he would…

FCT v Primary Health Care Limited – taxpayer sought deductions for purchasing practices after Commissioner assessed doctors – FFC upheld late objections for that purpose

The Full Federal Court has upheld an AAT decision treating 5 objections lodged by the taxpayer as having been lodged within time. The taxpayer operated medical centres. This included buying medical centres and at the same time acquiring the services of the relevant practitioners who would pay the taxpayer a percentage of their fees they…

Arnold and FCT – No deduction for purported gifts of AIDS drugs to African charities because of aspects of the scheme which Edmonds J, previously found, made it a ‘tax exploitation scheme’

A taxpayer has been denied deductions for donations of HIV medicines and a gift certificate to deductible gift recipients (DGRs). The first deduction was claimed in the 2010 year. The taxpayer alleged that, on 30 June 2010, she purchased HIV medicines for $40,000 which she donated to an eligible DGR operating in Kenya. The medicines were stored…

Super fund (and SMSF) ‘transfer balance cap’ reporting of relevant events to the ATO – Position Paper on options for transition period from 1 July 2018 to 30 June 2020

The ATO has released a Positions Paper on how Super funds (including SMSFs) will be required to report events impacting an individual member’s pension transfer balance accounts for the purposes of the $1.6m cap. The ATO is seeking comment about options for phasing in this reporting over a ‘transition phase’. This $1.6m limit will introduce…

Twenty-seven per cent of ‘tax (financial) adviser’ notifiers did not renew in July – TPB announces in Media Release

Over one quarter, or 27 per cent, of the 2,748 registered tax (financial) advisers due to renew their registration in July with the Tax Practitioners Board (TPB) the TPB Chair: Mr Ian Taylor announced in a media release on 24.8.17. ‘Failing to submit a renewal application by the expiry date means the registration expires,’ Mr Taylor…

Country by Country (CbC) reports – ATO makes a ‘determination’ for exchange of these reports and makes a similar ‘arrangement’ with the USA

The Commissioner of Taxation has made a ‘Competent Authority determination’ setting out the information he will require taxpayers to supply him with, as part of the ‘Country by Country’ (CbC) Reporting arrangements. The Commissioner set out an inclusive list of the information taxpayers may have to supply, in his web post. By way of introduction,…