Year end tax planning Part 2 – Div 7A minimum payment ‘hardship’ relief; start of 25% corporate ‘base rate’; temporary ‘full expensing’ measures; and no deductions for holding costs on vacant land or travel expenses to inspect rental propertiesJune 13, 2021
More esoteric year end tax planning points – Div 7A sub-trust arrangements maturing, new TFNs to ‘closely held trusts; ‘family trust elections’ & distributions; year end superannuation contribution issues for members and employersJune 13, 2021
TD 2021/D1 – Draft Determination on how to calculate ‘aggregated turnovers’ where ‘connected’ and ‘affiliate’ entities have adopted different accounting periods for the same ‘income year’June 12, 2021
Court Procedures and other COVID restrictions in Victoria’s 4th ‘lockdown’ – week commencing Friday 11 June 2021June 12, 2021
Uber Eats paid $400k to settle a $15k ‘unfair dismissal case that hinged on whether the rider was an ‘independent contractor’June 11, 2021
Federal Government’s signature superannuation reform package, passed the lower house after dumping a controversial power allowing the Treasurer to veto super fund payments or investmentsJune 5, 2021
Treasury Laws Amendment (Your Future, Your Super) Bill 2021 – Government drops its own measure to allow the Treasurer to ban certain fund payments or investmentsJune 5, 2021
Effect of Victoria’s May 2021 ‘snap’ Covid lockdown on legal work and the Courts’ businessMay 27, 2021
Victoria’s snap 7-day ‘Stage 4’ Covid-19 Restrictions (nothing to do with tax but see the source document here)May 27, 2021
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
