Daily Archives: December 10, 2019

Corporate tax residency review: second Board of Taxation consultation paper – consulting on 2 main (remaining) options – ‘incorporation only’ test and a modified ‘central management and control’ test

On 6.12.19, the Board of Taxation has released a second consultation paper, canvassing the ‘reform options’ as part of its review of the operation of Australia’s corporate tax residency rules. It has also called for submissions by 31 January 2020. See below for the ‘Reform Options’ consultation paper and extracts from it. [Tax Month – December…

APRA released ‘heatmap’ for MySuper products – showing relative: investment performance; fees and costs; and sustainability (it says a ‘game changer’)

On Tue 10.12.2019, APRA released it first Heatmap for MySuper products – using a graduating colour scheme to provide like-for-like comparisons across 3 areas of (i) investment performance; (ii) fees and costs; and (iii) sustainability of member outcomes. It has also contacted the trustees of the worst performing MySuper products and asked them to provide or update…

CofT v Pavihi – Promoter of schemes to transfer super to SMSF’s – subject to $200,000 civil penalty and 7 year ban from being involved in establishing SMSFs

The Federal Court has ordered a promoter of schemes that facilitated the illegal early release of super funds to pay a civil penalty of $220,000 and further restrained her for 7 years from being involved in the establishment of SMSFs. See the related Tax Technical article, from 2018, where the Commissioner obtained an interim injunction.…