Key News Summary – APRA announced its 2019 regulatory focus on superannuation, in the wake ‘banking’ Royal Commission and other developments, which included 8 matters, one of which was a review of the ‘sole purpose’ test, with a view to updating it and making it more specific. [Tax Month – Jan-April 2019]
Key News Summary – Australia and Israel have signed their first ‘Double Tax Agreement’ (DTA) which includes OECD/G20 base erosion and profit shifting (BEPS) recommendations. It will come into effect after being ratified in both countries. [Tax Month – Jan-April 2019]
The AAT has affirmed that most of the ATO’s objection decision as the taxpayer could not prove that the monies received were characterised as loans. The taxpayer was a Chinese businesswoman who has been living in Australia since 2006. She received large payments from China in the 2011, 2012 and 2013 years of income. [Tax…