Daily Archives: October 7, 2018

CofT v Sharpcan Pty Ltd – Full Federal Court held that $600k that a pub paid for 10 year statutory ‘gaming machine entitlements’ were s8-1 deductible (as not ‘capital’) or deductible on a 5-year ‘blackhole’ write-off basis (if it was a capital expense)

A majority of the Full Federal Court has dismissed the Commissioner’s appeal against an AAT decision allowing a $600k deduction, for expenditure on gaming machine entitlements (GMEs), allocated by the State of Victoria. The Court held that this expense was deductible under s8-1 of the ITAA97 or, in the alternative (if the expense was ‘capital’…

Draft legislation for 1 Year exemption from the ‘Work-test’ for 65 – 74 year old recent retirees, with a superannuation balance under $300,000 – $25k concessional and $100k non-concessional caps continue (but not 3 year ‘bring forward’)

On 2 October 2018, the Government has released draft legislation to give eligible older Australians additional flexibility to contribute more into superannuation as they move into retirement – as announced in the 2018-19 Budget as part of the More Choices for a Longer Life package. Currently, there is a ‘work test’ hurdle, which is that individuals…

GST – States agree to end ‘tampon tax’ and consider the Commonwealth’s new basis for dividing the GST Revenue between the States & Territories – Council on Federal Financial Relations meeting

The Treasurer reported that the Council on Federal Financial Relations (CFFR) met in Melbourne on 3 October 2018. The ‘tampon tax’ will be removed – Significantly, he reported, there was unanimous agreement amongst the States  to remove the GST on feminine hygiene products (the States and Territories are the beneficiaries of the GST revenue and have to…