January 1, 2020 - Tax Technical

Treasury Laws Amendment (Miscellaneous Amendments) Regulations 2019 – relating to ‘reversionary defined benefit pensions, successor fund transfers, deferred superannuation income streams, innovative income streams

Tax Month - December 2019By John Morgan January 1, 2020

On Tuesday 17.12.19, the Government registered Treasury Laws Amendment (Miscellaneous Amendments) Regulations 2019, which make minor and technical amendments to regulations in the Treasury portfolio, including tax laws, corporations laws, superannuation laws and credit laws. The amendments are part of the Government’s commitment to the care and maintenance of Treasury portfolio legislation. See below for a…

Treasury Laws Amendment (Miscellaneous Amendments) Regulations 2019 – service of compliance orders overseas and also general service overseas under the Mutual Assistance Treaty

Tax Month - December 2019By John Morgan January 1, 2020

GSTR 2006/3 (Addendum) – Determining extent of creditable purpose for providers of financial supplies – including ‘direct estimation methods’

Tax Month - December 2019By John Morgan January 1, 2020

On Wed 18.12.2019, the ATO issued an Addendum to GST Ruling GSTR 2006/3, which deals with determining the extent of creditable purpose for providers of financial supplies. See below for a summary of this Addendum. [Tax Month – December 2019]

GSTR 2019/2 and PCG 2019/8 – GST: credit card issuing business – creditable purpose of acquisitions – ‘Green zone’ = 35% allocation to creditable ‘interchange’ services

Tax Month - December 2019By John Morgan January 1, 2020

On Wed 18.12.2019, the ATO issued 2 products for credit card issuers: GST Ruling GSTR 2019/2 (determining the creditable purpose of acquisitions in a credit card issuing business) and Practical Compliance Guideline PCG 2019/8 (ATO compliance approach to GST apportionment of acquisitions that relate to certain financial supplies). See below for a summary of this Ruling and Guide. [Tax…

TR 2009/2 ruling on ‘genuine redundancy payments’ addendum – to update for extension of concession from age 65 to pension age

Tax Month - January 2020By John Morgan January 1, 2020

On 29 January 2020, the Commissioner updated his ruling on ‘genuine redundancy payments’ to include amendments extending concessional tax treatment from age 65 to social security pension age (which is typically later than age 65). See below for further details. [Tax Month – January 2020]

Daily Archives: January 1, 2020

Treasury Laws Amendment (Miscellaneous Amendments) Regulations 2019 – relating to ‘reversionary defined benefit pensions, successor fund transfers, deferred superannuation income streams, innovative income streams

Treasury Laws Amendment (Miscellaneous Amendments) Regulations 2019 – service of compliance orders overseas and also general service overseas under the Mutual Assistance Treaty

GSTR 2006/3 (Addendum) – Determining extent of creditable purpose for providers of financial supplies – including ‘direct estimation methods’

GSTR 2019/2 and PCG 2019/8 – GST: credit card issuing business – creditable purpose of acquisitions – ‘Green zone’ = 35% allocation to creditable ‘interchange’ services

TR 2009/2 ruling on ‘genuine redundancy payments’ addendum – to update for extension of concession from age 65 to pension age