Yearly Archives: 2019

Taxation Guru Pty Ltd and Gambhir Watts v Tax Practitioners Board – no ‘stay’ of decision terminating their tax agent registration (for claiming deductions for unsupportable ‘work-related expenses’)

The AAT rejected applications, by Taxation Guru and its ‘supervising agent’ Mr Watts, to stay the AAT’s earlier terminating their registration (for claiming unsupportable ‘work-related expenses’). See below for summary of decision. FJM 6.10.19 [Tax Month – September 2019]    

Limit to taxation concessions applicable to testamentary trusts – only income from deceased estate – draft legislation

In the 2018-19 Budget, the Government announced that it will implement an integrity measure to limit the taxation concessions applicable to the income of testamentary trusts to only income from the deceased estate assets. The measure would apply retrospectively, from 1 July 2019, and submissions are due by 30 October 2019. See below for more…

The impact of foreign acquirer land tax and duty surcharges – it started in Victoria and has spread across most state and territory jurisdictions with similar but different tests and ambit

The Tax Institute published its 4 October 2019 weekly opinion piece – this time from John Ioannou, CTA: a Partner in Deloitte Private and the Institutes Queensland State Chair. His article relates to the impact of foreign acquirer land tax and duty surcharges. See below for the article. FJM 6.10.19 [Tax Month – September 2019]

After APRA fails against IOOF – academics call for super fund ‘reserves’ to be better regulated and better scrutinised

On Thursday 26 September 2019, Janna Mather published an article in the Australian Financial Review, entitled: Super fund ‘reserves’ need greater scrutiny, academic says.  This also follows APRA’s failed case against IOOF entities and officers, but looks to future regulation of ‘reserves’ and scrutiny of their use. If followed articles published on 23.9.19 and 24.9.19…

APRA’s failed case against IOOF entities and officers – Where are we now after 873 paragraphs of Justice Jagot’s reasons? – 2 articles, 2 views

The Australian Financial Review two quite different articles about the the collapse of APRA’s case against against IOOF and some of its officers (where the Federal Court gave 873 paragraphs of reasons on 20.9.19). One article is written by Aleks Vickovich and Janna Mather is entitled: ‘Dangerous’ to read APRA’s loss as an IOOF win:…

IOOF, the ‘pub test’ and members’ money – an article about APRA’s failed action against various IOOF entities and officers

On 23 September 2019, Joanna Mather published an article in the Australian Financial Review, entitled: IOOF, the ‘pub test’ and members’ money.  This is about some of the anatomy and background to APRA’s unfortunate failure to prove that various of IOOF’s officers had failed in their duties as officers of the relevant trustees and ought…

APRA v Kelaher & Ors – Court finds against APRA, rules that APRA did not prove that IOOF breached the SIS Act and did not disqualify the relevant officers (some of whom had retired from IOOF by then)

On 20 September 2019, Justice Jagot, of the Federal Court of Australia, decided against the Australian Prudential Regulatory Authority (APRA) in it’s case against IOOF’s former Chief Executive Officer: Mr Chris Keleher and others. APRA bought this case following adverse findings, in the Hayne Financial Services Royal Commission, alleging that IOOF’s superannuation fund had done…

Deputy Commissioner of Taxation v Huang – Freezing orders made over Australian assets of notorious Chinese billionaire’s and his wife’s Australian assets – supporting assessments of $140m

On Monday 16 September 2019, Katzmann J made orders, in the Federal Court freezing the Australian assets of Huang Xiangmo, and his wife: Jiefang Huang, to avoid frustrating the collection of assessments the Commissioner of Taxation issued on the same day for some $140m. Not only is Mr Huang notorious for his political donations and alleged…

Billionaire Huang Xiangmo told ATO he had no assets overseas – but 71% of the disputed tax liability turns on the market value cost base of Chinese real estate when he became an Australian resident

On Tuesday 24 September 2019, Neil Chenoweth and Edmund Tadros published an article in the Australian Financial Review entitled: Billionaire Huang Xiangmo told ATO he had no assets overseas – the third dealing with the Federal Court’s freezing orders over Mr Huang’s Australian assets (the first two being on 18.9.19 and 19.9.19). On the same day, these…

Chinese Billionaire’s assets frozen – ATO says he hid $170m of income and Hong Kong wouldn’t help enforce foreign tax liabilities

On Wed 18 September 2019, Angus Grigg and Neil Chenoweth published an article in the Australian Financial Review entitled: Chinese Billionaire hid $170m from the ATO. This was the day the Federal Court gave it’s reasons, for its Monday 16.9.19 decision, to freeze Mr Huang’s assets. There is an interesting ‘back story’ regarding Mr Huang’s…