‘Tampon Tax’ gone – Health Minister makes a s38-47 determination, making the supply of various ‘feminine hygiene products’ GST-free from 1 January 2019December 10, 2018
ATO appoints provisional liquidator for 8 labour hire businesses – preserve assets and records whilst ‘broader enforcement’ action is underwayDecember 10, 2018
‘Small business’ – Minister announces support for resolving Federal tax disputes: (1) new Concierge service for advice about an AAT appeal and (2) special division in the AAT for post application support and legal fee support, if ATO appeals AAT decisionDecember 10, 2018
Burton v CofT – only 50% ‘foreign income tax offset’ (FITO) for US capital gains tax, levied on the whole gain (because of our 50% CGT discount)December 9, 2018
APRA releases superannuation statistics for September 2018 – $2.7b total assets, SMSFs $775b, equities 51%, Rate of Return 8.1%, Industry Funds 48 (SMSFs 500k)December 8, 2018
Sandini Pty Ltd v Ellison & ors. v CofT – ATO’s ‘Decision Impact Statement’ – Subdiv 126-A Family Law Rollover must be ‘to’ a spouse, can be from a trust, must result in ‘change of ownership’ and must be ‘because’ of the Court orderDecember 7, 2018
Div 293 Superannuation tax assessment notices to issue in December 2018 to individuals over the newly reduced ‘high’ income threshold – 15% tax on ‘low tax contributions’ (new notices with more info)December 7, 2018
Placer Dome case in Hight Court – Barrick Gold loses $55m ‘land rich’ duty fight over it’s $15b takeover of the gold miner in 2006December 7, 2018
‘Excess super contributions’ – ATO begins issuing ‘determinations’ for 2017/18 (first after universal $25k cap came in) with amended assessments and ‘authorities’ to super funds for release of money to ATO to pay the contributor’s taxDecember 6, 2018
Ransley v CofT – Profit on sale of mining shares assessable as ‘ordinary income’ – not a capital gain protected by ‘scrip for scrip’ rollover – 50% ‘reckless’ penalty upheldDecember 6, 2018
TA 2018/3 – Tax Alert relating to GST underreported by developers on development works on land from Government Entities – including by mis-applying the ‘margin scheme’December 6, 2018
ACNC – standards made for ‘registered entities’ operating outside Australia – activities consistent with its charitable purpose; obey Australian Laws; no fraud or bribery; protect vulnerable peopleDecember 6, 2018
NSW payroll tax system – Government’s response to Productivity Report announced – accepting all 12 recommendations including: three-tiered payment, lodgement and reconciliation model, 50% prompted voluntary compliance discount, efforts to standardise definitions and formsDecember 5, 2018
Exchange of Information Countries – 54 added by new regulation – giving lower 15% MIT withholding tax rights (most added through the MLI process)December 5, 2018
PCG 2018/D8 – ‘swim between the flags’ compliance guidance for related party, inbound, distributors – eg. general distributors: EBIT above 5.5% of sales, motor vehicle distributors: EBIT above 4.3% of salesDecember 5, 2018
‘Black economy’ – further consultation paper released on: further penalties; reverse onus of proof; record keeping for gambling & gifts; penalties for misrepresenting ‘sham’ contracts, ATO law enforcement agency; Freezing Order extension; ATO compel 3rd party info; Federal Courts hear offence mattersDecember 5, 2018
Early release of superannuation benefits – further consultation paper issued seeking feedback on 5 measures to widen the grounds (including ‘domestic violence’) and 8 measures to tighten the testsDecember 3, 2018
Victims of Family and Domestic Violence will be permitted access to their superannuation early and ATO will be able to share information with the Family Court (about parties’ superannuation)December 3, 2018
BHP’s Singapore Marketing Hub – ATO & BHP settle long running 2003 – 2018 transfer pricing dispute with additional $529m, ownership lift of Hub to 100% and future transfer pricing in ‘green zone’ for hubs: PCG 2017/1December 3, 2018
OECD releases latest BEPS Action 5 report on preferential regimes and moves to strengthen the level playing field by applying the ‘substantial activity’ requirements to the ‘no or low tax’ jurisdictionsDecember 2, 2018
J5 Alliance (Australia, Britain, Canada, Netherlands and USA) targets “professional enablers” of international tax fraud – see who advertises; follow (show me) the moneyDecember 2, 2018
OECD releases ‘synthesised text’ to give guidance on how relevant clauses of various DTAs would read after being modified by the MLIDecember 2, 2018
5 Year Jail Term for WA Phoenix operator – 2004-2007 historic offending investigated and prosecutedDecember 2, 2018
Cost establishing trees in carbon sink forests: write off over 14 years – required guidelines for planting updated – best and good practices requiredDecember 1, 2018
Comptroller General of Customs v Zappia – Customs duty: bonded warehouse manager personally liable for unpaid duty on stolen cigarettesDecember 1, 2018
Treasury Laws Amendment (Black Economy Taskforce Measures No 2) Act 2018 – new s26-105 denies deductions for wages etc. with no PAYG deducted; new reporting for “road freight”, “IT” or “security, investigation or surveillance” servicesDecember 1, 2018
Mendonca v Tax Practitioners Board – Board infected its decision not to investigate complaints about 2 tax agents with ‘jurisdictional error’ – behaviour outside ‘tax agent services’ relevant to ‘fit and proper person’ testNovember 30, 2018
GST fraud – Perth stockbroker extradited from US and sentenced to 5 years jail for $528,000 of fraudulent ‘input tax credit’ claims after decade-long investigationNovember 30, 2018
Government to support Small Business access to funding – Treasurer announces $2b to seed ‘securitisation’ of SME loans and a ‘Fund’ to provide patient capital for growthNovember 30, 2018
Douglass v CofT – Taxpayer appeals AAT decision that that the PSI rules to fully assess him on the remuneration for his work – despite being derived by a partnership with his wifeNovember 29, 2018
Employee Share Schemes (ESS) – Treasurer proposes the $5k tax free salary sacrifice limit be doubled to $10k and an extension of the Div 83A ESS tax regime to ‘contribution plans’November 29, 2018
Caratti v CofT – Taxpayers fail to get orders restraining the Commissioner from commencing recovery action – because taxpayers breached deed by not producing security in timeNovember 28, 2018
DCT v Doyle – Taxpayer fails to stay recovery of $14m tax debt – merits of objections unclear and no extreme hardship (no defence as tax debts ‘conclusively payable under tax law)November 28, 2018
Vic payroll tax: Nationwide Towing & Transport Pty Ltd v Comr of State Revenue – no payroll tax on payments to subcontractors, to provide ‘roadside assistance’ to stranded RACV members under the ‘relevant contractor’ provisionsNovember 28, 2018
Ham v Tax Practitioners Board – The Court agreed with the AAT and TPB that it was correct not to re-register the former tax agent – not a ‘fit and proper person’ because of ‘actual dishonesty’ to a long standing client and friend, without remorseNovember 27, 2018
Mavris v CofT – AAT’s decision, partly infavour of the Taxpayer (on LCT) was not invalidated by his death after the hearing and submissions – no statutory basis and pointlessNovember 27, 2018
Labor’s negative gearing restrictions – TTI digs into detail and reveals it applies to all investment types, but on an aggregate basis – total investment deductions capped at total investment incomeNovember 27, 2018
