In August 2020, the Inspector-General of Taxation and Taxation Ombudsman (IGTO), Karen Payne, has released edition 13 of the IGT’s newsletter – “IGot News”. In this edition, the IGTO reflects on complaints in relation to COVID-19 support measures (JobKeeper, Cashflow Boost and Early Access to Super), key achievements in FY20 and what’s to come in…
On 14 August 2020, the Treasurer made the 7th amendment to the JobKeeper rules – the Coronavirus Economic Response Package (Payments and Benefits) Amendment Rules (No 7) 2020. This was to change the JobKeeper employment reference date to 1 July 2020 (from 1 March 2020) for determining employee eligibility – for fortnights that commence on or after 3 August 2020. This was…
On Wed 12.8.2020, the ATO released a draft updated version of Practical Compliance Guideline PCG 2017/4, with a new draft a Schedule 3: dealing with interest-free loans between related parties.[PCG 2017/4DC2] See below for details. [Tax Month – August 2020]
On Wed 12.8.2020, the ATO issued the following products to provide guidance on applying the arm’s length debt test in the thin capitalisation rules: TR 2020/4 and PCG 2020/7. See below for details. [Tax Month – August 2020]
On 5 August 2020, The AAT has ruled that an approved SMSF auditor should not have been disqualified by ASIC for breaching the auditor independence rules in relation to his family self-managed superannuation fund (SMSF). See below for details. [Tax Month – August 2020]