The June 2020 PwC Report said its ‘Key Findings’ were – Australia entered 2020 with an economy growing slower than desired, but with public finances that were in a relatively strong position – low debt compared to most other advanced economies and a forecast Commonwealth budget surplus. See below for a further summary and the entire report. [Tax…
On 19 June 2020, the ATO ‘National Tax Liaison Group’ (NTLG) circulated its consultation report for May 2020. This contains a ’round up’ of various statistics, consultation matters, ‘stewardship groups’, ‘special purpose working groups’ and ‘stakeholder relationship groups’. See below for the table of contents and the whole ‘pdf’ document. [Tax Month – June 2020]
On 18 June 2020, the ATO posted the following article advising that they make it as simple as possible, for eligible people in our community, to access their super early to deal with the adverse economic impact of COVID-19. Compliance remains one of our priorities to ensure the integrity of the tax and super system. We…
On Friday 19 June 2020, the ATO posted this guide on the application of the Treasury Laws Amendment (2019 Measures No 3) Bill 2019, which recently passed into law and provides a new way of calculating the debit, which arises in an individual’s transfer balance account when a member commutes a market linked pension which is…
On Thursday 18/6/2020, the Senate Economics Legislation Committee reported to the Chamber about its order on 18 September 2019 for the Commissioner of Taxation to provide the Committee with all documents relating to the whistleblower disclosure by former ATO employee, Mr Richard Boyle. See below for further detail. [Tax Month – June 2020]
The Treasury Laws Amendment (2020 Measures No 3) Bill 2020 has passed all stages without amendment and now awaits Royal Assent, having been passed by the Senate on 18 June 2020. These amendments extend the instant asset write-off to 31 December 2020. See below for further details. [Tax Month – June 2020]
GST withholding obligations (by purchasers) have applied to the supply of certain land, since 1 July 2018, but pre-1 July 2018 contracts could now come within the net, as part of the transitional rules (‘grandfathering’ provisions) expires on 30 June 2020. On 4 June 2020, the Law Institute of Victoria warned their members, about this…
The AAT has disallowed claims for input tax credits relating to the alleged purchase of gold as the claimant failed to discharge its onus of proof by demonstrating that the assessments issued to it were excessive or otherwise incorrect. See below for more details. [Tax Month – June 2020]
The ATO has advised that the General Interest Charge (GIC) and Shortfall Interest Charge (SIC) rates for the first quarter of the 2020-21 income tax year are as follows – for the period 1 Jul 2020 to 30 September 2020. See below for further detail. [Tax Month – June 2020]
The House of Reps Standing Committee on Tax and Revenue conducted a public hearing on Thursday 4.6.2020, as part of its inquiry into the tax treatment of employee share schemes (ESS). The Committee heard from Treasury officials and the Law Council of Australia, represented by Mr Andrew Clements. See below for further details. [Tax Month…