Key News Summary – New Zealand introduced a Bill into its Parliament, on 5 Dec 2018, to impose NZ GST on foreign suppliers of goods and services of a value under NZ1,000, if their turnover exceeds the NZ registration turnover threshold of NZ$60,000 and associated changes. The Taxation (Annual Rates for 2019-20, GST Offshore…
Key News Summary: APRA has taken action against IOOF and its associated entities centering around their conflict of interest and failure to act in the best interests of members, by enforcing the RSE Licence, imposing more conditions, seeking to disqualify 5 individuals as directors of superannuation entities and seek declarations of contraventions of the SIS…
Key News Summary: The SIS Regs are now amended to allow recent retiree’s (aged up to 75) a 1 year exemption from the work test, if they have less than $300k in super, from 1 July 2019 (as announced in the 2018 Federal Budget). The Treasury Laws Amendment (Work Test Exemption) Regulations 2018 were…
The Tax Institute’s Senior Tax Counsel: Bob Deutsch’s Report, in its Members Newsletter: No. 47, Friday 7 December 2018 Key News Summary: The ’45-day’ holding rule is important, if it is still a requirement for claiming a ‘franking credit offset’. It is widely understood to be still a requirement, but is no-where to be found,…
Key News Summary: The Full Federal Court found that a father was not in an ‘interdepency relationship’ prior to his son’s death, applying the relevant SIS Act definition, and the superannuation death benefits were appropriately payable to the son’s legal personal representative, under the Fund’s rules. The Full Federal Court has upheld a decision…
The ATO has released the GIC and Shortfall interest charge (SIC) rates for the third quarter of 2018-19 covering Jan- March 2019. They are: GIC annual rate – 8.94% (base rate + 7%). GIC daily rate – 0.02449315%. SIC annual rate – 4.94% (base rate + 3%) SIC daily rate – 0.01353425%. The ATO’s website explains that the…
Key News Summary – The Senate passed the ‘Whistleblowers’ bill with 58 Government amendments, designed largely to meet Senator Rex Patrick’s concerns, in the Senate Committee – relating to eligible recipients, public interest and emergency disclosures, detrimental conduct and civil remedies. On Thursday 6 December, 2018, the Senate passed the Treasury Laws Amendment (Enhancing…
Key New Summary: The Commissioner issued PCG 2018 to facilitate administration of the fraught issue of which companies had to adopt the lower 28.5% and 27.5% tax and framing rates in the 2016, 2017 and 2018 years by not, in the ordinary course, applying audit resources to those issues. On Thurs 6.12.2018, the ATO…
Power Point slides: prepared by Eugene Wheelahan SC, for a presentation to the Tax Bar Association, on 18 December 2018 – on this important High Court case: [2018] HCA 59 – reproduced with Eugene’s approval. See also: Tax Technical articles – Case Note; Financial Review article KEY POINTS – found in these slides, include: a…
Key News Summary – In the Placer Dome case the High Court found that Barrick Gold had to pay $55m ‘landholder’ duty in its $15b takeover of the gold miner in 2006 – because it did not have non-land assets of more than 40% of its total property, because ‘legal’ goodwill was limited to factors that ‘attract…