Coronavirus economic response – 8 Bills passed by Parliament, with 11 Government Amendments and 1 Senate Amendment await AssentMarch 24, 2020
Government’s Coronavirus economic response – 8 Bills introduced on Monday 23 March 2020March 24, 2020
Debt collection relief in the Government’s 2nd tranche Coronavirus support package – useful but not all the ATO’s collection powers are curtailed (see PP comment)March 23, 2020
COVID-19: Government’s 2nd tranche stimulus package – tax free payments of 50% of PAYGw on wages; $550 per fortnight job seeker supplement; SME loan relief; debt distress protection; up to $10k this year and $10k next year (this tranche might actually help…)March 23, 2020
SMSF Regulator’s Bulletin SMSFRB 2020/1 – SMSFs undertaking property developments: ATO flags concerns and lists a welter of tax and regulatory implicationsMarch 22, 2020
MyGovID: SHORT TERM PAIN – 6 steps, 6 problems and no extensions for changeover (27 March 2020 is the end of the old system)March 22, 2020
WA Duty: Commissioner of State Revenue v Rojoda Pty Ltd – High Court analyses the rights of partners and held two remedial deeds dutiable as declaring trusts different to those the former partners had previously enjoyedMarch 21, 2020
TR 2001/13 Addendum – update to interpretation of Double Tax Agreements (DTAs) – for MLI, case law, income and capital commentary and ‘source’ rules applying as a ‘sword’ (not just a ‘shield’)March 21, 2020
SWPD v CofT – long-term owner of largely native forest, who had not harvested any trees, held to be ‘carrying on a business’ and entitled to small business CGT reliefMarch 21, 2020
ACNC announced it would commence a review of about 500 registered charities for their eligibility for registrationMarch 20, 2020
Synthesised text of Australia’s double taxation agreement (DTA) with Canada with the MLI – released by the ATOMarch 20, 2020
2020-21 Federal Budget deferred to 6 October 2020 – too much financial and budgetary uncertainty with COVID-19 right nowMarch 20, 2020
Superannuation Guarantee Amnesty – ATO guidance on the 6 month regime, including the ‘approved form’ etc.March 15, 2020
Superannuation Guarantee Amnesty – only runs for 6 months from 6 March 2020 – ‘real incentives’ to disclose and a ‘nasty sting in the tail’ for those who don’tMarch 14, 2020
Government’s Coronavirus & Bushfires $17b Stimulus Package – instant asset write-off widened; investment allowance; accelerated depreciation; cash based on PAYGw to employers; money to pensioners etc.March 14, 2020
2020 SMSF annual return form available at the end of May 2020 and will contain ‘label’ changesMarch 14, 2020
SMSFs more than 2 weeks late in lodging an annual return will change change status on ‘Super Fund Lookup’ to ‘Regulation details removed’ precluding rollovers and SGC contributionsMarch 14, 2020
Social security ‘deeming rates’ cut by 0.5% in response to 0.25% Reserve Bank cut in interest ratesMarch 14, 2020
ATO comments on the BHP Billiton case – High Court’s decision confirming that sister subsidiaries in a ‘dual listed’ group are ‘sufficiently influenced’ and therefore ‘associates’ for tax purposesMarch 12, 2020
BHP Billiton Limited (BHP Group Ltd) v CofT – High Court upholds Commissioner’s CFC attribution assessment of the whole of Australian Dual Listed’ entity’s share of its Marketing Hub’s income – the UK Dual Listed’s subsidiary suppliers were ‘associates’ because they were ‘sufficiently influenced’March 11, 2020
Dobie v CofT – Taxpayer not entitled to input tax credits – lack of documents, on NewStart, not entitled to be registered for GST and 25% penalty correctly imposedMarch 9, 2020
Delays in ATO processing GST property credits – two errors ATO is seeing from lawyers and conveyancers that are contributing to thisMarch 9, 2020
Directors Penalty Notice (DPN) regime commences to apply to GST etc on 1 April 2020 – K&L Gates FAQsMarch 9, 2020
Government remains committed to increase the SMSF member limit from 4 to 6 but also to increased flexibility measures for members from 65 to 70 years of ageMarch 9, 2020
Superannuation – canvassing the very current issue of whether the SGC minimum employer contributions should continue to increase to 12% and other suggestions to increase employee engagement with superMarch 9, 2020
J5 tax chiefs ‘day of action’ and subsequent ‘joint communique’ about closing the net on global tax evasionMarch 9, 2020
Crimes Legislation Amendment (Combatting Corporate Crime) Bill 2019 – Senate inquiry into Bill which would also change s26-52 prohibition on deductions for foreign bribes (to follow the changes it makes to the criminal law)March 9, 2020
Ex-NewSat CEO convicted for $357,500 in fake invoices and also his accountant – here the beneficiary of the fraud was not the taxpayerMarch 9, 2020
Arrests made in J5 investigations into money laundering using cryptocurrencies – IRS media releasesMarch 8, 2020
TPB review of CPE including a proposal to increase the hours required by over 30% – submissions due 18 March 2020March 8, 2020
Melbourne accountant pleads guilty to creating false invoices – issued to NewSat Limited (adjourned for sentencing)March 8, 2020
Treasury Laws Amendment (Combating Illegal Phoenixing) Bill 2019 receives Royal Assent (on 17.2.20)March 8, 2020
Burton v CofT – High Court has refused special leave, to the taxpayer, to appeal the decision giving him only a 50% ‘foreign tax credit’ on a capital gain taxed in the USMarch 1, 2020
