Remedial Power – Determination extends the Small Business Restructure Roll-over ‘direct tax’ relief to depreciating assets – so they could not be a deemed dividend (for instance)

Tax Month - April 2018

The Commissioner has exercised his ‘Remedial Power’, in s370-5 of the TAA1, by making the Taxation Administration (Remedial Power – Small Business Restructure Roll-over)  Determination 2017. This is to make the Small Business Restructure Roll-over (Restructure Rollover) provisions work better, with respect to depreciating assets. The ‘Remedial Power’ allows the Commissioner to modify the tax…

PSJF v CofT – Deductions for $37k of employee photographer’s work-related expenses denied in the absence of requisite substantiation and doubts about underlying deductibility

Tax Month - April 2018

The AAT has upheld the Commissioner’s objection decision, which denied a photographer/taxpayer work-related expenses claimed by a photographer on the basis that he failed to discharge his onus of establishing that the claimed amounts were deductible. The taxpayer claimed travel expenses and other expenses (eg stationary, mobile phone, protective gear, internet, computer hardware, camera, depreciation)…

Treasury Laws Amendment (OECD Multilateral Instrument) Bill 2018 – to give force of law to the MLI in Australia, which in turn defines when it comes into force and takes effect

Tax Month - March 2018

On Wednesday, 28 March 2018, the Government introduced the Treasury Laws Amendment (OECD Multilateral Instrument) Bill 2018 in the House of Representatives. The effect of this Bill will be to amend the International Tax Agreements Act 1953 (Agreements Act), to give the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (‘Multilateral…

Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures No 2) Bill 2018 – CGT changes – excluding non-residents from ‘main residence’ exemption; avoiding double counting for Div 855 ‘principal asset’ test; additional 5% discount for ‘low cost housing’

Tax Month - March 2018

The Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures No 2) Bill 2018 was introduced in the House of Reps on Thur 8.2.2018. On 15.2.18, the Bill was referred to the Senate Economics Committee, for report by 23 March 2018. On 1 March 2018, the Bill passed the Lower House, without amendment. It will…

Labor’s proposal to abolish refunds of unused franking tax off-sets & subsequent exemption for pensioners – protests from SMSFs and self-funded retirees continue

Tax Month - March 2018

On  13 March 2018, the Opposition Leader: Bill Shorten announced that a Labor Government would, if elected (and the Senate permitted), abolish cash ‘refunds’ of excess dividend imputation credits for individuals and superannuation funds. On 27 March 2018, the Treasurer (Chris Bowen) ameliorated this measure by exempting pensioners and pensioner SMSFs (what they call the…

Treasury Laws Amendment (2018 Measures No 2) Bill 2018 – various amendments to the requirements for venture capital tax concessions – Early Stage VCLP and ‘Early Stage Innovation Companies’ & Committee Report

Tax Month - February 2018

The Government introduced the Treasury Laws Amendment (2018 Measures No 2) Bill 2018 into the House of Reps this Thur 8.2.2018 to implement the this previously announced measure (and one other, which I will not be covering). This Bill was referred to the Senate Economics Legislation Committee, on 15 February 2018, for report by 15 March…

Treasury Laws Amendment (Enhancing Whistleblower Protections) Bill 2017 – Senate Economics Legislation Committee Report: pass it, review its operation later (and still no ‘bounty’)

Tax Month - March 2018

On 22 March 2018 the Senate Economics Legislation Committee delivered its report on the Treasury Laws Amendment (Enhancing Whistleblower Protections) Bill 2017. Despite a diversity of views, the Committee cited a consensus that the Bill was a step forward and should be passed [Recommendation 3, para 3.93]. But also said that a review of the…

Senate Economics Legislation Committee’s Report on the Treasury Laws Amendment (Enhancing Whistleblower Protections) Bill 2017 – Content of the bill (a useful summary)

Tax Articles

The Senate – Economics Legislation Committee Committee’s Report – Treasury Laws Amendment (Enhancing Whistleblower Protections) Bill 2017 [TT Tax Month article: Exposure Draft of Bill; Introduction of Bill; Committee’s Report]   Chapter 2 – Content of the Bill (extract) – a useful summary Harmonising whistleblower regimes 2.1 The current protections in the Corporations Act 2001 (the Corporations Act) cover a current…