Donkin & Ors v CofT – Beneficiaries assessable on increase in net income of trust (despite the ‘moving target’ style of trust distribution resolution)

On 22.4.20, a 10.12.19 decision of the AAT was published, deciding that the beneficiaries of a trust, who had received distributions, were assessable on the increase in the tax law ‘net income’ of the trust, resulting from deductions for various expenses being disallowed. See below for a summary of the case. [Tax Month – April…

COVID-19 early release of super: APRA data on first week (600k applications and $1.3b) and PM’s 1.5.20 report (950k applications with $7.9b total)

On Monday 4 May 2020, APRA released a data report on COVID-19 early release of superannuation applications received by funds in the week from 20 April – 26 April 2020. This covered the number of applications, the time to process them and the total amount paid. See below for the further details. [Tax Month – April 2020]

PSLA 2020/1 – ‘Cashflow Boost’ measure – Commissioner’s guidance on when further time discretion should be exercised for ABN registration or notice of assessable income or taxable supplies

On Friday 1 May 2020, the ATO released Practice Statement Law Administration  which, for Cashflow Boost eligibility purposes, provides guidance on the relevant circumstances that should be taken into account when the Commissioner is considering whether to grant further time for an entity to (1) register for an ABN; or (2) to provide notice of…

JobKeeper – Amending Regs (No. 2) – Employee Hubs, religious practitioners, overseas aid and other charities and Universities accommodated – ‘one in all in’ principle strengthened

On 1 May 2020, the Government registered the Coronavirus Economic Response Package (Payments and Benefits) Amendment Rules (No. 2) 2020 on the Federal Register of Legislation, amending the Main rules made on 9 April 2020 (see related TT article). There are some significant changes here. See below for a summary of these amending rules. [Tax Month – April…