The High Court granted the Commissioner special leave to appeal to the High Court against the decision of the Full Federal Court in CofT v Travelex Limited [2020] FCAFC 10, which related to the amount of interest the Commissioner had to pay, from a successful GST test case, which went all the way to the…
On 25 June 2020, the case of AJ & PA McBride Ltd v CofT was reported, where the AAT decided that the purchaser of a sheep station was not allowed an immediate deduction, under Subdiv 40-F of the ITAA 1997 (relating to ‘Primary production depreciating assets’), for the cost of the fences that were already on…
On Friday 26 June 2020, the ATO announced they would extend the 30 June 2020 due date for s109E ‘minimum yearly repayments’ of loans, that ‘comply’ with s109N of the ‘deemed dividends’ provisions, in Division 7A of Part III of the ITAA36 (Div 7A). See below for further details. [Tax Month – June 2020]
On 22 June 2020, the Treasury Laws Amendment (2019 Measures No. 3) Bill 2019 received Royal Assent as Act No. 64 of 2020, bringing good news to employers. Amongst other things, the new Act has amended the FBT Law, so that the definition of ‘taxi’, in that Act, matched the definition in the GST Law.…
The Australian Financial Review (AFR) posted an article on 3 June 2020, by its superannuation writer: Joanne Mather, entitled: ‘Push to give SMSFs the chance to invest like big funds‘. See below for further detail. [Tax Month – June 2020]
On 11 June 2020, the Australian Financial Review (AFR) posted an article by Matthew Cranston and Joanna Mather entitled: ‘Morrison plan for super infrastructure investment edges closer‘. See below for further detail. [Tax Month – June 2020]
On 11 June 2020, the Australian Financial Review (AFR) posted an article by one of its Senior Reporters: Michael Bleby, entitled: AustralianSuper takes 25pc stake in build-to-rent platform. See below for further detail. [Tax Month – June 2020]
The Australian Financial Review (AFR) posted an article by its Boss Deputy Editor: Patrick Durkin, on 15 Jun 2020, entitled: Industry super fund puts up $200m for equity stakes in small business. See below for more detail. [Tax Month – June 2020]
On 18 June 2020, the Joint Professional Bodies (lawyers, accountants & Tax Institute) made a joint submission to the Assistant Secretary of the JobKeeper focus group about the importance of the measure and recommendations for the future – both before and after the announced end date at the end of September. See below for a…
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…