The Full Federal Court has upheld a decision that costs incurred in administering a scheme established when a class action on behalf of bushfire victims in Victoria was settled were not deductible. See below for a summary of the case. [Tax Month – May 2020]
On Friday 29.5.2020, the The Superannuation Legislation Amendment (2020 Measures No 1) Regulations 2020, was registered amending the SIS Regulations to allow people aged 65 and 66 (ie under age 67) to make voluntary superannuation contributions (both concessional and non-concessional) without meeting the work test. See below for further details. [Tax Month – May 2020]
A Canberra developer has been ordered to pay $29,914 in relation to an action for misleading and deceptive conduct involving the sale of a unit which the developer allegedly claimed was subject to GST. The sale date was not specified, but it was between 2013 and 2015. See below for summary of the case. [Tax…
On Wednesday 13 May 2020, the Government introduced the Treasury Laws Amendment (2020 Measures No 2) Bill 2020 into the House of Reps proposing a range of amendments from ‘hybrid mismatch’ rules to secrecy provisions relating to the JobKeeper scheme. See below for a summary of this Bill. [Tax Month – May 2020]
On Wednesday 13 May 2020, the Government introduced a bill into Parliament and released an exposure draft of a regulation, to give effect to its 2019 Budget measure to give Australians over 65, greater flexibility in making voluntary superannuation contributions – all of which are to start from 1 July 2020. See below for a summary…
On 14 May 2020, the Treasury Laws Amendment (2020 Measures No 1) Bill 2020 passed both Houses of Parliament – having been introduced on 12 October 2020, and stalled in the Lower House on 4 March 2020. It broadens the definition of significant global entity (SGE) in the ITAA 1997 so that it applies to…
The Fair Work Commission (FWC) has noted the outcome of the following recent JobKeeper dispute decisions dealt with under Pt 6-4C of the Fair Work Act 2009, which enables employers to issue “JobKeeper enabling directions” to employees about their hours of work, performance of duties and location of work. See below for a summary. [Tax Month…
On Thursday 14 May 2020, The Tax Institute’s Chief Executive Officer: Giles Hurst, wrote an ‘open letter’ to Institute members advising they’d hired the widely known, and respected, Andrew Mills, as ‘Director, Tax Policy and Technical – just after he finished his term as a Second Commissioner, at the ATO, in charge of its ‘law…
On Friday 8 May 2020, the Tax Institute’s Senior Chief Tax Counsel: Bob Deutsch published an article in their weekly tax newsletter TaxVine (No. 17, 8.5.20), entitled: JOBKEEPER: The Basic Turnover Test is not so basic! It examines this test in the light of the recent Law Companion Ruling, which the Commissioner issued, about the JobKeeper…
T a x T e c h n i c a l – M o n t h l y N e w s – May 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 ______________________________________________________________________________ …