TD 2016/D1 – lump sum in place of periodic payments for work place injury ruled assessable as ‘ordinary income’ (despite compensation for loss of income earning capacity being ‘capital’)

Tax Month - August 2016

On 10 August 2016, the Commissioner issued this draft Tax Determination, asking: Income tax: is a redemption payment received by a worker under the Return to Work Act 2014 (SA) assessable income of the worker? The Commissioner answers, ‘Yes, it is assessable as ‘ordinary income’ under s6-5(1) of the Income Tax Assessment Act 1997 (ITAA 1997) (see para 1…

ACNC announces compliance retrospective revocations of 2 organisations charity status with consequent loss of tax concessions – ‘Ethan Affordable Housing Ltd’ and ‘Kids Cancer Relief NSW Inc.’

Tax Month - August 2016

On 9 August 2016, the Australian Charities and Not-for-profit Commission (ACNC) announced that it had revoked the ‘charity’ status of two organisations, back to 1 July 2013, and with that, they will lose all relevant Commonwealth tax concessions back to that date also. The organisations are: Ethan Affordable Housing Limited (ABN 22135818245), which had its charity status revoked by the…