Daily Archives: October 29, 2020

Victoria Power Networks Pty Ltd v CofT – Partial victory on ‘uneconomic’ electricity connections – customer cash contributions assessable but customer transferred works not assessable as a ‘non-cash business benefit’

The Full Federal Court has upheld a decision that cash contributions paid to electricity distributors, by customers, were assessable, but overturned a decision that the arm’s length value of connection works transferred to the distributor was assessable. See below for further details. [Tax Month – October 2020]

IGTO’s annual report for the financial year 2019-20 – 2,775 Complaints and 3 current reviews

The Inspector-General of Taxation and Taxation Ombudsman (IGTO) Annual Report for the financial year ended 30 June 2020 (FY20) was tabled in the Australian Parliament on 23 October 2020 (and the media release was 27 Oct 2020). The report details the activities and performance of the IGTO during FY2020. See below for further details. [Tax Month…

Purcell v CofT – No ATO discretion to remit ‘associated earnings’ on excess non-concessional superannuation contributions (under subdivision 97-B of the TAA53)

The AAT has ruled that the Commissioner has no discretion to remit the “associated earnings” on excess superannuation non-concessional contributions as the earnings proxy rate is a not a “penalty”. See below for further details [Tax Month – October 2020]