Daily Archives: December 1, 2018

Cost establishing trees in carbon sink forests: write off over 14 years – required guidelines for planting updated – best and good practices required

On 16 November 2018, the Income Tax Assessment (Environmental and Natural Resource Management in relation to the Establishment of Trees for the purposes of Carbon Sequestration) Guidelines 2018 (made 12.11.18) was registered on the Federal Register of Legislative Instruments today. They have been made under s 40-1010(3) of the ITAA97. Subdivision 40-J of the ITAA97, provides that…

Comptroller General of Customs v Zappia – Customs duty: bonded warehouse manager personally liable for unpaid duty on stolen cigarettes

On 14 November 2018, the High Court unanimously held that an employee manager, of a ‘bonded warehouse’ could be liable for duty (on goods stolen from that warehouse) as, relevantly, having ‘possession, custody or control‘ of dutiable goods. The Court held that it was not only the bonded warehouse licence holder who could have this…

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” services

The Treasury Laws Amendment (Black Economy Taskforce Measures No 2) Bill 2018 and Excise Tariff Amendment (Collecting Tobacco Duties at Manufacture) Bill 2018 were both passed the Senate on 15.11.2018 and received Royal Assent, on 29.11.2018, as Acts No. 141 & 137 of 2018, respectively. The Black Economy Taskforce (No 2) Bill will: amend the ITAA97…