The hares were set running on Friday 5 July 2019, when the ABC reported the Federal Treasurer had confirmed the measures designed to deny non-residents the ‘main residence’ CGT exemption were still Government Policy (despite being announced in the 2017 Budget, introduced in February 2018 as the Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures…
On 4.7.19, the Government introduced the Treasury Laws Amendment (Combatting Illegal Phoenixing) Bill 2019 into the House of Representatives (see related Tax Technical article). The Bill measures that impact GST – allowing the Commissioner to collect ‘estimates’ of GST, making directors liable for GST and further reasons to delay GST refunds. See below for a summary of these…
The Government introduced the Treasury Laws Amendment (Combating Illegal Phoenixing) Bill 2019 into the House of Representatives on Thursday 4 July 2019. Amongst other things, it will affect the way that the Commissioner collects GST and pays GST refunds. See below for a summary of the 4 schedules and the start dates for these measures. FJM…
On Friday 5 July 2019, the ABC reported that Federal Treasurer: Josh Frydenberg confirmed it remains Government policy to deny the CGT main residence’ exemption for persons who are non-resident, when they sell their home. This is despite Bill: Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures No 2) Bill 2018 lapsing after the election…
The Government has released exposure draft legislation and explanatory material for amendments to give effect to the 2018-19 ‘Mid-Year Economic Financial Outlook’ (MYEFO) announcement, that it would extend the concessional tax treatment of genuine redundancy and early retirement scheme payments, from 1 July 2019, to those under Age Pension qualifying age. See below for further detail about this…
On Thursday 4.7.19, the Senate passed the legislation enacting the remaining parts of the personal tax cuts, which the Government announced in the 2019 Federal Budget, in April this year. The feature of this package is the giant 30% marginal tax bracket from $45,000 to $200,000 of income per annum. There is a good tabular…
T a x T e c h n i c a l – M o n t h l y N e w s – July 2019 Developments – This is a collection of developments in Australian tax law and practice that occurred in July 2019 which aims to be relevant to tax practitioners.[i] Compiled By F…
On 29 May 2019, in Schweitzer v CofT – the AAT upheld the Commissioner’s decision not to release some very old liabilities, under the hardship provisions in Div 340 of the TAA53. There were some technical reasons of interest as well has not being able to show that failure to release these debts would cause…
On 10 June 2019, in Bosanac v CofT, the AAT reheard the issue of remitting shortfall penalty and decided that the penalty should be reduced from the 75% ‘reckless’ benchmark, down to 60% (but said it could not be remitted below the 50% level for reckless omission of the net capital gain. See below for…
In Brooks v CofT, the AAT upheld the Commissioner’s decision to disqualify an SMSF director and shareholder for presiding over an undocumented loan from the fund, to he and his wife, of $257,000. It also upheld an assessment, including the loan receipt as a superannuation benefit prior to a condition of release. See below for…