Daily Archives: December 9, 2019

Treasury Laws Amendment (Research and Development Tax Incentive) Bill 2019 introduced – increase $100m threshold to $150m; cap refunds to $4m pa; extend GAAR to R&D offsets and allow Innovation Board to issue binding rulings

On 5.12.19, the Government introduced the Treasury Laws Amendment (Research and Development Tax Incentive) Bill 2019 to ‘better target the Research and Development Tax Incentive (R&DTI) and to ensure its ongoing sustainability’ (as the Ministers said in their joint press release). This was first announced in the 2018-19 Budget. See below for the Treasurer’s Media Release and…

Treasury Laws Amendment (2019 Measures No 3) Bill 2019 – introduced proposing changes to concessions for ‘testamentary trusts’, FBT definition to include ‘Uber’ etc, company loss recoupment rules, small business restructures and various superannuation changes

On Thursday 5 December 2019, the Government introduced the Treasury Laws Amendment (2019 Measures No 3) Bill 2019 into the House of Representatives – proposing various amendments – many of which were previously flagged. See below for a summary of the measures included in this Bill. [Tax Month – December 2019]

GSJW v CofT – AAT gives the taxpayer a rare win, ‘releasing’ the taxpayer from $900k of GIC on ‘serious hardship’ grounds (leaving only $40k of ‘primary tax’)

A taxpayer has been able to secure partial release, from his tax debt, based on suffering ‘serious hardship’, if required to pay $949,365 in total tax related liabilities (about $910k of GIC or General Interest Charge and about $40k in primary tax). This matter came to the AAT, because the Commissioner had refused to exercise…