Private Health Insurance rebate percentages frozen to 2023: Private Health Insurance Amendment (Income Thresholds) Bill 2021 introducedMay 13, 2021
Spencer v CofT – AAT significantly reduced the amount of work-related expenses the taxpayer could deductMay 11, 2021
Digital games tax offset and Govt Digital Economy Strategy announced ahead of Federal 2021-22 BudgetMay 11, 2021
When is the Commissioner of Taxation required to give a taxpayer reasons? – An article by the Inspector General and Taxation OmbudsmanMay 10, 2021
A ‘blueprint’ for wasting less time and money on individual’s tax returns – standard ‘work related expense’ deductions (with an option to claim more if you can)May 10, 2021
Small business (sub-$10m turnover) will be able to pause disputed ATO debt recovery actions by applying to the AAT (Small Business Division)May 10, 2021
NSW landholder duty – SPIC Pacific Hydro Pty Ltd v Chief Comr of State Revenue – duty payable on acquisition of group with interests in leasehold land after considering ‘tenants fixtures’May 10, 2021
Vic land tax: University of Melbourne v Comr of State Revenue – University land used to provide student accommodation, through a commercial ‘builder operator’ exempt – charitable exemption still appliesMay 10, 2021
Further insolvency reforms – insolvent trusts, insolvent trading ‘safe-harbour’; moratoriums whilst negotiating schemes of arrangement; and increase in ‘statutory demand’ thresholdMay 5, 2021
2021-22 Budget: Treasurer “committed to” Stage 3 tax cuts (30% out to $200k) and excise refund cap to be tripled to $350k, for small brewers and distillersMay 5, 2021
Business backs Frydenberg’s ‘Sensible’ proxy advice measures – Proxy advisers associated with Super Funds squealing about the need to be independentMay 4, 2021
Proxy advisers and super funds to be more accountable for advice given and resulting voting decisions – Government proposals and Consultation Paper releasedMay 4, 2021
‘Temporary full expensing’ and ‘Backing business investment’ – ATO Schedule for Substituted Accounting Period (SAP) taxpayers or lodging a part year tax returnMay 1, 2021
Instrument to extend Director ID transition period, for new directors, to match existing directors – 4 Nov 2021 to 30 Nov 2022April 30, 2021
Cof T v Apted (Retrospective ABN start date JobKeeper decision) – ATO issues Decision Impact Statement accepting thrust of decision and amending PS LA 2020/1 accordinglyApril 30, 2021
Coal of Queensland Pty Ltd v Innovation and Science Australia – R&D: surveys and drilling activities by coal miner not ‘core R&D activities’ or ‘supporting R&D activities’ – appeal dismissedApril 30, 2021
Birdseye v Tax Practitioners Board – Board’s de-registration decision upheld (non-compliance with personal affairs) but 5-year ban set aside (ATO/TPB findings largely rejected)April 29, 2021
‘Your Future, Your Super – Exposure Draft of Amending Regs to effect – Single Default Accounts, Underperforming funds disclosure & sanctions, improving accountability at annual members’ meetings etc.April 29, 2021
Superannuation: Excess non-concessional contributions cap ($110k) – ATO post explaining options and proceduresApril 29, 2021
Illegal “phoenix” activity – 62 year old charged with dishonestly arranging for insolvent entities to incur $850 of PAYGw which was not paid to the ATOApril 29, 2021
‘Client identity verification’ will become mandatory, after a voluntary phase-in, for ‘Tax Practitioners’ dealing with the ATO – Consultation Paper proposes guidelinesApril 29, 2021
PCG 2021/D2 – ‘Allocation of professional firm profits’ – Professional Bodies make submissions to ATO consultation process (taxpayers corralled too narrowly)April 28, 2021
‘Reform of the Tax System’ (or RATS as it was known) – a scholarly review of unactioned 1975 Asprey Report to the 1985 Hawke Keating reforms that delivered that reportApril 25, 2021
Corporate Tax Residency – Professor Stewarts paper, from De Beers through to adoption of the Board of Tax’s recommendationApril 24, 2021
PCG 2021/D2 on allocation of professional firm profits (ATO stance on ‘income splitting’ etc.) – LCA submission as part of ‘consultation’April 22, 2021
Lowering our 30% corporate tax rate for large taxpayers, down to the 25% rate for SMEs supported by OECD and tax advisersApril 22, 2021
OCED’s BEPS – Pillars 1 & 2 get boost by Australia’s Mathias Cormann becoming CEO and US Janet Yellen endorsing these measures (along with a 28% US rate)April 21, 2021
Merchant v CofT – decision to disqualify SMSF trustees – AAT would not defer the review until after tax objections relating to the same transaction were determinedApril 20, 2021
JobMaker – Instrument allowing alternative means to report necessary information (other than through STP)April 20, 2021
PAYG obligations for remediation payments made by financial institutions following the Hayne Banking Royal Commission – how might PAYG arise?April 11, 2021
Budget super reforms introduce ‘sovereign risk’ into the $3t super industry – how could that be so?April 11, 2021
Janet Yellen decries the global ‘race to the bottom’ on Corporate Taxes – Don’s 21% to be replaced with Joe’s 28% to fund a belated COVID $3t stimulus packageApril 10, 2021
Victoria Power Networks Pty Ltd v CofT – ATO Decision impact statement – customer connection contributions to Electricity Distributors and their rebates to customersMarch 8, 2021
Income Tax Assessment (1997 Act) Regulations 2021 registered and commence 1 April 2021 – replacing the ‘sunsetted’ 1997 RegulationsMarch 6, 2021
