Daily Archives: November 24, 2018

Tax effect of new accounting standard: AASB17 (IFRS17) for consistent treatment of both life and general insurance contracts – Treasury discussion paper to consider currently different tax treatments

Treasury has released a consultation paper on the tax impacts of implementing the new accounting standard for insurance contracts (AASB17) which provides a consistent accounting treatment of all insurance contracts. AASB17 adopts the new international standard for insurance companies: IFRS17. The tax implications, from a change in accounting standards are as follows. First, the ITAA97…

NSW: Stamp duty rate threshold brackets will be indexed to CPI (see CPI indexing average duty effect over last 30 years)

On Monday 5 Nov 2018, the NSW Treasurer announced that NSW will be the first state or territory in Australia to index Stamp Duty brackets to Consumer Price Index (CPI) guaranteeing everyone in the housing market a fairer deal on future property transactions. He said: “We haven’t seen any significant action on Stamp Duty brackets…

CofT v Pavihi – Federal Court granted the Commissioner an interim injunction, and substituted service, to restrain alleged promotion of illegal early release schemes – involving rollover of benefits to SMSFs for payment outside the ‘payment standards’

The Federal Court has granted the Commissioner an interim injunction to restrain an alleged promoter of an illegal early release scheme from being involved in the establishment of self-managed superannuation funds (SMSFs) and directed that the Commissioner be allowed to serve notice of these proceedings, on the Respondent: Ms Pavihi, by email, as she was…