Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures) Bill 2019 is now law – including the controversial measures denying ‘main residence’ CGT relief to ‘non-residents’

On 12 December 2019, the Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures) Bill 2019 received Royal Assent as Act No 129 of 2019. As a result, clumsily and controversial measures, to deny foreign residents access to the CGT main residence exemption, are now law. See below for a summary of this new Act and…

GSTD 2019/D1 – GST and land development expenses in the ACT – what is part of the consideration for the grant of the Crown lease and what is not

On Friday 13.12.19, the Commissioner issued draft GST Determination GSTD 2019/D1, addressing the GST consequences of arrangements, between government agencies, and private developers, in the context of land development in the ACT.

See below for a summary of the draft determination.

[Tax Month – December 2019]

 

 

PCG 2018/9 – update to ATO’s guidance for foreign-incorporated companies seeking to be no-resident: compliance deadline for transitioning CM&C out of Australia has been extended from 2019 to 30.6.21

On 12 December 2019, the ATO released an updated version of Practical Compliance Guideline PCG 2018/9, its guidance to foreign-incorporated companies on applying the ‘central management and control’ (CM&C) test in Ruling TR 2018/5.

See below for a summary of the PCG.

[Tax Month – December 2019]