Consistent with the ‘JobSeeker’, ‘JobKeeper’ lingo, on Thursday 4.6.20, the Government announced their ‘HomeBuilder’ $25,000 cash grant scheme for building houses and renovating existing dwellings – designed to support the building industry, in the latter part of this calendar year. See below for further details. [Tax Month – June 2020]
In a decision reported on 2 June 2020, the AAT largely upheld the Commissioner’s assessments and amended assessments – even though the ATO may have double counted some transactions. See below for further details. [Tax Month – June 2020]
T a x T e c h n i c a l – M o n t h l y N e w s – June 2020 Edition – Tax developments for tax practitioners by a tax practitioner. Compiled by F John Morgan A member of the Victorian Bar (www.FJMtax.com) Table of Contents ______________________________________________________________________________ …
On Friday 5.6.2020, the Government announced major reforms to the Foreign Acquisitions and Takeovers Act 1975. The proposed changes deal with national security risks, strengthening compliance measures, streamlining approval processes and administrative enhancements. There is a specific Tax implication involved in this too. See below for further details. [Tax Month – June 2020] …
The Governor General made the Superannuation Guarantee (Administration) Amendment (Jobkeeper Payment) Regulations 2020, on 28 May 2020 and they were entered on the Federal Register of Legislation on 2 June 2020. See below for details about these amendments. [Tax Month – May 2020]
On 1 June 2020, the ATO issued a : PCG 2020/5, setting out its transitional compliance approach, for the application of the non-arm’s length expenditure (NALE) rules to complying superannuation funds. See below for further details. [Tax Month – May 2020]
On 1 June 2020, the ATO reminded tax agents and taxpayers that they need to make contributions to the Small Business Superannuation Clearing House by 23 June 2020, for them to be deductible in the 2019/20 year. See below for further details. [Tax Month – May 2020]
On 1 June 2020, the Assistant Treasurer: Michael Sukkar, announced that the Government had reappointed our Dr Julianne Jaques as a part-time member, of the Board of Taxation, for a further three-year period from 1 July 2020. She recently showed strong leadership, acting as the Chair of the Board after the sudden and sad passing of…
CPA Australia has advised that Paul Drum passed away unexpectedly last week (commencing 25.5.20) after suffering a suspected heart attack. For many of us Paul was an institution and a colleague. It sounds like this was sudden, and he will be missed. Paul was CPA Australia’s General Manager of External Affairs and has been the…
The Full Federal Court has upheld a decision that costs incurred in administering a scheme established when a class action on behalf of bushfire victims in Victoria was settled were not deductible. See below for a summary of the case. [Tax Month – May 2020]