On 28 April 2020, the Federal Court held that Upfront payments to secure a rent reduction under long term leases were on capital account and not deductible under s 8-1 of the ITAA97.
See below for a summary of the case.
ASIC Commissioner: John Price published an article on 16 April 2020 reminding directors that the rest of their general duties continue to apply, despite the 6 month temporary relief from insolvent trading in the Coronavirus Economic Response Package Omnibus Bill 2020.
See below for details.
On 15 April 2020, the AAT decided (Deputy President (Justice) Steward) that an appeal on transfer pricing primary tax issues (in the Federal Court) and a review of the any resulting penalties, in the AAT should be heard together (and the AAT hearing ought not be deferred until after the primary tax amount had been…
The Treasury Laws Amendment (Release of Superannuation on Compassionate Grounds) Regulations 2020 were registered on Thursday 16.4.2020] to amend the SIS Regs and RSA Regs to extend the compassionate grounds’ for early release of superannuation, to include members adversely affected by the COVID-19 virus.
See below for a summary.
In a decision given by Colvin J, on 8 April 2020, the Federal Court has dismissed a taxpayer’s appeal against a decision that a lump sum payment of weekly workers’ compensation was assessable income.
See below for a summary of the case.
In the third reported test case concerning invalidity pension payments received by an ex-serviceman, the AAT has concluded (for the third time) that the payments were a superannuation lump sum and should be taxed concessionally under s 307-145 of the ITAA 1997. This was a decision of Deputy President (Justice) Logan, given on 30 March 2020…
On Tuesday 14 April 2020, the Western Australian Government announced legislation to provide temporary protection for both residential and commercial tenants, during the COVID-19 pandemic. It appears that there is no associated land tax relief. There have been similar announcements in NSW (commercial & residential), Victoria and Queensland. See below for a summary. [Tax Month…
The Queensland Government announced ‘land tax’ relief on 15 April 2020 (updated on 17.4.20) for landlords who have accommodated either residential or commercial tenants affected by the COVID-19 pandemic – on a property by property basis. Conditions for this relief include compliance with ‘leasing principles’ announced on 9 April 2020, which differ for residential and…
On Wednesday, 15 April 2020, the Victorian Premier COVID-19 relief measures for both landlords and tenants – both residential and commercial. The measures are intended to be in line with the Mandatory Code of Conduct – SME Leasing Principles During COVID-19 announced by the Prime Minister on 7 April 2020 and foreshadow enacting the legislation anticipated in this announcement (see…
On 14 April 2020, the ATO published a page notifying interested persons that the amnesty for underpaid Superannuation Guarantee contributions will run out at 11.59pm Monday 7 September 2020 and flexible payment plans can be made for those affected by the COVID-19 pandemic.
See below for further detail.