Daily Archives: August 31, 2019

WA transfer duty: Tax Institute calls for exemption on ‘business restructures’

On 20 August 2019, the Tax Institute wrote to the WA Treasurer, calling for a transfer duty exemption, where a business owner transfers their non-land business assets, from a trust, partnership or individual structure, to a company. See below for more details. FJM 31.8.19 [Tax Month – August 2109]

Firefighters Benefit Fund of WA Inc v CofT – Firefighters Benefit Fund carrying on insurance business for income tax purposes and was therefore assessable on receiving member contributions

On 20 August 2019, the AAT affirmed a private ruling that the Firefighters Benefit Fund of WA (the Fund) was a company carrying on the business of insurance for the purposes of s121 of the ITAA 1936. See below for further details. FJM 31.8.19 [Tax Month – August 2019]            

NTLG June 2019 Key Messages – Commissioner’s Remedial Power not working as intended; ATO panels; Environmental Scan; IGT’s report on the ‘Future of the Tax Profession’; ATO engaging with taxpayers

On 22 August 2019, the ATO posted it’s summary of ‘Key Messages’ from its June 2019 ‘National Tax Liaison Group’ (NTLG) meeting, covering the various matters above. Amongst these was an item about whether the ‘Commissioner’s Remedial Power’ is working as it should (not enough referrals getting through). See below for details about the Remedial…

Board of Taxation – August 2019 Update – VicBar’s Dr Julianne Jacques acting Chair; Corporate Residency review; 169 signatories to Voluntary Transparency Code; FBT Compliance cost report soon; ‘Granny Flat’ (life care) arrangements & tax impediments to avoiding elder abuse

On 8n August 2019, the Board of Taxation met, in Adelaide, and the acting CEO: Lynn Kelly, posted her ‘August 2019 Update’ giving a summary of that meeting. See below for further details. FJM 31.8.19 [Tax Month – August 2019]    

LIV opposes, as misconceived, the ATO’s proposal to make Vic & NSW Lawyers report, to their regulator, conduct that offends (or might offend) the ‘Promotor Penalty Provisions, under changes they suggest, in Legal Profession Uniform Law

On 22 August 2019, the Law Institute of Victoria (LIV) also made submissions, to the Legal Services Council, opposing the ATO’s 25.6.19 proposal, to amend the Legal Services Uniform Law and General Rules so that they would endanger lawyers’ livelihood, if there were conduct which would, or might, offend the prohibitions in the so called…

NZ Commr of Inland Revenue fails in Supreme Court Appeal against a decision enforcing her to deliver information to the Korean National Taxation Service under the NZ-Korea Double Tax Agreement

The New Zealand Supreme Court (NZSC), as the ultimate NZ appellate court, has dismissed the Commissioner of Inland Revenue’s application to appeal from the decision of the NZ Court of Appeal (NZCA) in Commissioner of Inland Revenue v Chatfield & Co Limited [2019] NZCA 73. See below for further detail. FJM 31.8.19 [Tax Month – August 2019]…

Land Tax Trust Surcharge – Nomination of Principal Place of Residence (PPR) beneficiary and notice of beneficial interests

On 27th August 2019, Pointon Partners, Lawyers, issued the 2nd of their State Taxation Series – Land Tax Trust Surcharge – Nomination of Principal Place of Residence (PPR) beneficiary and notice of beneficial interests. See below for further details. FJM 31.8.19 [Tax Month – August 2019]

Law Council of Australia’s submissions opposing the ATO’s proposal to change the Legal Profession Uniform Law and Rules to make any actual or potential ‘Promoter Penalty’ conduct a ‘show cause event’ threatening the lawyers ‘practising certificate’

On 29 August 2019, the Law Council of Australia (LCA) made submissions opposing the ATO’s  25.6.19 proposal, to change the Legal Profession Uniform Law and General Rules, to require lawyers to report any ‘Promoter Penalty’ conduct, to their local (Vic or NSW) regulator, when applying for, or renewing, a practising certificate and as a reportable…

Tax Haven complications – ‘Panama’ and ‘Paradise’ Papers – CFC, MAAL, DPT, DTA, MLI and Part IVA (as the great John McEnroe used to say: ‘are you serious?’)

The Tax Institute’s weekly email on 30.8.19: TaxVine, Professor Bob Deutsch included his Senior Tax Counsel’s Report, entitled ‘Using tax havens – the not so bad, the bad and the downright ugly!’ And, in a similar vein, see a related Tax Technical article on the ICIJ’s latest revelation: the ‘Mauritius Leaks’. See below for further…

Inquiry into the performance of the Inspector-General of Taxation (IGT) – Law Council of Australia (LCA) Submission to the Senate Committee

The  Taxation Committee of the Business Law Section of the Law Council of Australia (the Committee) made submissions to the Senate Economics Legislation Committee on the performance of the IGT, by way of letter dated 30 August 2019. See below for the terms of reference and the LCa summary of the submissions and the submissions verbatim.…