The Treasury Laws Amendment (2019 Tax Integrity and Other Measures No. 1) Bill 2019 – Schedule 4, amend the ITAA 1936 to extend to family trusts the anti-avoidance rule that applies to other closely held trusts that undertake circular trust distributions. See the related Tax Technical article about the whole of the Bill. See below…
The Treasury Laws Amendment (2019 Tax Integrity and Other Measures No. 1) Bill 2019 – Schedule 2, will amend the ITAA 1997 to prevent partners claiming Div 152 Small Business CGT Relief when assigning all or part of their partnership interest – with effect for CGT events after budget time in 2018 (8 May 2018). See…
The Treasury Laws Amendment (2019 Tax Integrity and Other Measures No. 1) Bill 2019 – Schedule 5, will amend the TAA 1953 to allow taxation officers to disclose the tax debt information of a particular entity operating a business to credit reporting bureaus when certain conditions and safeguards are satisfied. See related Tax Technical article…
The Treasury Laws Amendment (2019 Tax Integrity and Other Measures No. 1) Bill 2019 – Schedule 5, will amend the TAA 1953 to allow taxation officers to disclose the tax debt information of a particular entity operating a business to credit reporting bureaus when certain conditions and safeguards are satisfied. See related Tax Technical article…
The Treasury Laws Amendment (2019 Tax Integrity and Other Measures No. 1) Bill 2019 – Schedule 5, will amend the TAA 1953 to allow taxation officers to disclose the tax debt information of a particular entity operating a business to credit reporting bureaus when certain conditions and safeguards are satisfied. See related Tax Technical article…
On 24 July 2019, the Government introduced the Treasury Laws Amendment (2019 Tax Integrity and Other Measures No. 1) Bill 2019 which: limits Small Business CGT concessions on ‘Everett assignments; extends the ban on ‘circular trust distributions; limits deduction on vacant land; prevents employers treating ‘salary sacrifice’ employer contributions being used as SG contributions and authorising…
On 22 July 2019, the Australian Financial Review (AFR) published an article describing how, the financial services Royal Commissioner: Kenneth Hayne had added to the concern that Wayne Byres’ attitude, smacked of a tin ear to some of the criticisms made about the regulator in Graeme Samuel’s capability review. It gives fascinating insight into APRA’s own…
On 19 July 2019, the Australian Financial Review (AFR) published an article entitled ‘APRA told to just get on with it’ – relating how the Treasurer had persuaded APRA’s Wayne Byers to reaffirm its commitment to implementing all 19 of the Samual Capability Review, which were directed at it. Byers had wavered, saying it was…
On 16 July the Australian Financial Review (AFR) reported that the The APRA Capability Review, led by Graeme Samuel, found the regulator was slow and reluctant to properly scrutinise the super sector and has recommended new approaches to leadership, analysis and resourcing to protect the growing pool of retirement savings. See below for further details FJM…
On 13 August the Tax Practioners Board (Board) posted a news article advising that it had terminated the registration of a tax agent for failing to exercise reasonable care and failure to act competently (all breaches of the Code of Conduct in Div 30 of TASA 2009). On the face of it, this seems harsh…