‘JobMaker’ scheme explained – $200 or $100 per week credit for hiring additional 16 – 35 year old people previously unemployed etc.

On Friday 13 Nov 2020, The Tax Institute’s Senior Advocate, Robyn Jacobson, CTA, discussed the new JobMaker program announced in the Federal Budget 2020–21 – in the Institute’s weekly email: TaxVine (No. 44, 13.11.20). [I have, made some editorial comments, to supplement Robyn’s excellent discussion.]

See below for further details.

[Tax Month – November 2020]

Royal Wins Pty Ltd v Innovation and Science Australia – R&D activities not core activities – inadequate documentation

On 30 Oct 2020, the AAT determined that a taxpayer was unable to show that certain R&D activities were core R&D activities for income tax purposes, as there was no relevant contemporaneous documentation to establish that any relevant hypothesis had been developed or tested.

See below for further details.

[Tax Month – October 2020]

Cooper & Oxley Builders Pty Ltd (in admin) atf Cooper & Oxley Builders Unit Trust v CofT – GST: company entitled to input tax credits rather than administrator

On 30 October 2020, the AAT has held that a company was entitled to claim an input tax credit for an acquisition that was made before it was put into administration, even though the related tax invoice had been paid by the administrator.

See below for further details.

[Tax Month – October 2020]

Tax Month – November 2020

T a x  T e c h n i c a l  –  M o n t h l y  N e w s – November 2020 Edition – ‘Tax Developments’ for tax practitioners by a tax practitioner.   Compiled by F John Morgan A member of the Victorian Bar (www.FJMtax.com) Table of Contents ______________________________________________________________________________ COMPILING…

Treasury releases draft miscellaneous tax and super amendments – ‘arms-length rules’, TOFA, Debt-Equity, Part IVC, TASA, segregated pension assets, SGC minima, early release NZ residents, super accounts in time to be audited

On 21 October 2020, Treasury has released exposure draft legislation and regulations proposing minor and technical amendments to certain tax, superannuation and corporations laws. The formal purpose of the amendments is “to ensure the law operates as intended by correcting technical or drafting defects, removing anomalies and addressing unintended outcomes”. See below for further details.…

Insights into foreign purchases and sales of residential real estate – the ATO wearing its FIRB ‘watch-dog’ role

Going back to the days when, then Treasurer: Joe Hockey spectacularly forced some foreign purchasers to divest themselves of trophy homes, bought in breach of FIRB regulations, the ATO took over policing this area and it has released two ‘insights’ documents covering the transaction types and sizes – one over each of the 2017-18 and…

Treasury Laws Amendment (2020 Measures No. 4) Bill 2020 introduced – Electricity large-scale generation certificate refunds are NANE’ and SCT to AFCA transition measures

The Treasury Laws Amendment (2020 Measures No 4) Bill 2020 was introduced into the House of Reps on 28 October 2020. It contains measures to render certain regulatory refunds, to electricity retailers, of a shortfall charge paid, in lieu of surrendering ‘large-scale generation certificates’, non-assessable and non-exempt (NANE). It also has measures to assist in the transition…