ASIC guidance on companies’ whistleblower policies due by 1 Jan 2020 (RG 270) and relief to small not-for-profits and charities (sub-$1m revenue)November 18, 2019
Lordianto v AFP; Kalimuthu v AFP – High Court upholds ‘Proceeds of Crime’ orders for money laundering offencesNovember 18, 2019
Reid v CofT – Deductions denied for $72k work-related car expenses and $34k of work-related home office and other expenses (failure to substantiate)November 18, 2019
Employers face FBT hit on staff car parking – change of ATO interpretation of existing law could create FBT liability or increase it radicallyNovember 18, 2019
TR 2019/D5 – FBT on car parking benefits – ruling updated to increase FBT so it is based on penalty all day rates to discourage all day parkingNovember 18, 2019
Victoria fights High Court challenge to vehicle stamp duty – ‘under s86 of the Constitution, which reserves raising ‘duties of customs and of excise’ exclusively to the CommonwealthNovember 18, 2019
Inspector General of Tax – wants tougher whistleblower protections for ATO officers, blowing the whistle on ATO conductNovember 18, 2019
TR 2019/2 – Trusts arrangements that purport to avoid CGT on an asset, eventually passed to a third party, by exploiting the subdivision 126-G restructure rolloverNovember 17, 2019
Treasury Laws Amendment (International Tax Agreements) Bill 2019 passed – giving legislative force to the Australia-Israel DTA and introducing a domestic ‘deemed source rule’, for DTA purposesNovember 17, 2019
Draft guidelines on application for the ‘economic infrastructure staples tax concession’ – which reduces the 30% MIT tax withholding, for non-residents, down to 15%November 17, 2019
Extension of the ‘significant global entity’ definition to go beyond groups headed by listed companies – revised exposure draft legislation after ’round 1′ consultationNovember 17, 2019
Vic: State Taxation Acts Further Amendment Bill 2019 passed – Duties Act and Land Tax Act changes (Nov 2019)November 17, 2019
DCT v Babji – DPN summary judgment dismissed – defendant was a director for less than a month, and company liabilities were due up to 2 years earlier (beware the reach of the DPN provisions)November 17, 2019
Victorian building developer jailed for 3 years for GST fraud over $500k – ATO media releaseNovember 17, 2019
US Democratic candidates floating annual wealth taxes, Estate duty upped to 77%, Federal income taxes upped to 70%, CGT rate doubled to 40% – echos of Labor’s loss in our May 2019 electionNovember 17, 2019
Addy v FCT – UK Taxpayer protected from ‘backpacker tax’ by DTA ‘anti-discrimination’ clauseNovember 10, 2019
Financial Synergy Holdings Pty Ltd v FCT – Article in the Australian Tax Forum: Clash of the deeming provisions: pre‑CGT concessions, tax consolidation and policy in the Federal CourtNovember 10, 2019
IGT commences two investigations – factors in growth of undisputed tax debts & ATO systems and processes for dealing with deceased estatesNovember 10, 2019
ATO gets ‘freezing order’ for assets of a 2nd Chinese national – Ms Min Wang, to whom the ATO has issued a $103m assessment (her company says its development of 72 story tower in Melbourne is unaffected)November 10, 2019
The ATO boss Chris Jordan surprises Senate Estimates Committee by his attacks on media reports of ATO whistleblowers and power to remove money from taxpayers’ bank accounts, without them knowingNovember 9, 2019
‘Backpacker tax’ held to be invalid by the Federal Court – based on ‘non-discrimination’ clauses in a number of our key Double Tax AgreementsNovember 5, 2019
OECD proposes a ‘Unified Approach’ to taxation of multi-national’s income that might well succeed – allowing destination jurisdictions to tax local sales without any physical presenceNovember 3, 2019
OECD announces a system for global allocation of taxing rights, to include the local market jurisdiction – it might well get up (anyone remember of the friendless ‘Unitary tax’ in the 1980’s?)November 3, 2019
Glencore transfer pricing victory in the Federal Court – Commissioner appeals his lossNovember 3, 2019
Sharpcan Pty Ltd – High Court finds for Commissioner holding that expenditure on ‘gaming machine entitlements’ was capital and not s8-1 deductible or s40-880 amortisable as ‘black hole’ expenditureNovember 2, 2019
PCG 2019/7 – Large APRA regulated Super Funds have until 30 June 2020 to get their systems into order to be able to reporting of ‘pension tax bonus’ amountsOctober 6, 2019
TD 2019/D9 – the ‘natural love and affection’ exclusion from Commercial Debt forgiveness – Commissioner proposes to change his position on forgiving companiesOctober 6, 2019
Gao v Tax Practitioners Board – No stay of tax agent registration terminations (535 over claimed deductions, over claimed interest, under declared GST and consistently late self-returns)October 6, 2019
Taxation Guru Pty Ltd and Gambhir Watts v Tax Practitioners Board – no ‘stay’ of decision terminating their tax agent registration (for claiming deductions for unsupportable ‘work-related expenses’)October 6, 2019
Limit to taxation concessions applicable to testamentary trusts – only income from deceased estate – draft legislationOctober 6, 2019
The impact of foreign acquirer land tax and duty surcharges – it started in Victoria and has spread across most state and territory jurisdictions with similar but different tests and ambitOctober 6, 2019
After APRA fails against IOOF – academics call for super fund ‘reserves’ to be better regulated and better scrutinisedOctober 1, 2019
APRA’s failed case against IOOF entities and officers – Where are we now after 873 paragraphs of Justice Jagot’s reasons? – 2 articles, 2 viewsOctober 1, 2019
IOOF, the ‘pub test’ and members’ money – an article about APRA’s failed action against various IOOF entities and officersOctober 1, 2019
APRA v Kelaher & Ors – Court finds against APRA, rules that APRA did not prove that IOOF breached the SIS Act and did not disqualify the relevant officers (some of whom had retired from IOOF by then)October 1, 2019
Deputy Commissioner of Taxation v Huang – Freezing orders made over Australian assets of notorious Chinese billionaire’s and his wife’s Australian assets – supporting assessments of $140mSeptember 30, 2019
