At the March 2019 Tax Institute’s National Convention, in Hobart, Ms Shirley Schaefer, of accounting firm: BDO Australia, presented her paper, entitled: Super Reporting – What is in and What is out? EXTRACT 1 Transfer Balance Account Reporting The introduction of the Transfer Balance Cap regime from July 2017 has brought new reporting obligations…
In March 2019, at the The Tax Institute’s National Convention, in Hobart Ms Leah Ranie presented a paper, which she co-authored with Stuart Courtney, Ari Rosenbaum and Greg Protector, all of King & Wood Mallesons, Lawyers. The paper was entitled: What’s Hot in State Taxes. EXTRACT 1 Introduction The 2018 – 2019 year to date…
At The Tax Institute’s March 2019 National Convention, in Hobart, Ms Linda Tapiolas; Partner, Cooper Grace Ward Lawyers presented her paper, entitled: Taking the CGT path less travelled. EXTRACT 1 Introduction There are a number of CGT events which are sometimes overlooked or restructures which are undertaken which may have a significant impact when determining…
At the Tax Institute’s March 2019 National Convention, in Hobart, Professor Richard Vann, CTA, Challis Professor of Law, University of Sydney; Consultant, Greenwoods & Herbert Smith Freehills delivered the Justice Graham Hill Memorial Lecture – entitled: In Defence of the Income Tax. EXTRACT 1 Overview It is a privilege to present the 2019 Justice Graham…
Key Points: Mr John Morgan, of the Victorian Bar, delivered a paper, at the Tax Institute’s 2019 National Convention, in Hobart in March. It was titled: “When does ‘tax advice’ become ‘legal advice’ and thus ‘unqualified legal practice’? ” He concluded that, subject to the Tax Agents Services Act 2009 (Cwth) (TASA 2009) being constitutionally valid,…
Practice Statement PS LA 2018/1, issued on Thurs 18.10.2018, sets out the factors that ATO staff may need to consider when forming an opinion as to whether an SMSF auditor: is not a fit and proper person to be an approved SMSF auditor; has contravened the SIS Act or SIS Regs in conducting an SMSF audit; or…
Invalid objections to GST private rulings? It is my pleasure to present this week’s preamble while Bob takes a well-earned break. Late last year, The Tax Institute raised an issue with the ATO in relation to objections to GST-related private rulings. The issue concerned the interpretation of subsection 359-60(3) of Schedule 1 to the…
Key Tax News – On 11 December 2018, the European Commission announced new details for a coordinated, EU wide, VAT system for sale of goods by ‘large online market places’, into the EU, using a single ‘one-stop-shop’ approach, to registering, for sales into any and all EU member states (based on the e-services’ model already in…
Key News Summary – there is growing momentum to leave the October 2018 Consultation Paper approach, to reforming ‘Division 7A’, in favour of something more sensible – including reverting to the approach suggested by the Board of Taxation, in its 2014 Report. The Tax Institute said that in their opinion, the Government’s approach in…
Key News Summary – The Commissioner has issued a draft Law Companion Ruling supporting the still unlegislated ‘non-arm’s length expenditure’ (NALI) extension to the NALI provisions for superannuation funds On wed 19.12.2018, the ATO issued Draft Law Companion Ruling LCR 2018/D10, which discusses the proposed amendments to the non-arm’s length income (NALI) rules where a…