Legislation to implement the Government’s Coronavirus Economic Response Package was introduced in the House of Representatives on Mon 23.3.2020.This package of Bills seek to urgently implement aspects of the Government’s economic stimulus package originally announced on 12 March 2020, and followed up on 22 March 2020 with a second package containing $66.1bn of measures (see related TT article). Also,…
The Government’s 22 March 2020 Coronavirus 2nd tranche support package (see related TT article) included a number of material measures relevant to the insolvency industry. Pitcher Partners’ insolvency practice put out ‘Critical Point Network’ Bulletin, entitled Proposed immediate insolvency measures announced by the Government, which offers some more detail and provide comment. They go through the general…
On Sunday 22 March 2020, the Government announced an additional $66.1bn economic stimulus package in response to the coronavirus (COVID-19). This second package includes a $550 per fortnight supplement for job seekers (doubling the current payment), a further $750 stimulus payment for pensioners, cash flow payments up to $100,000 (minimum $20,000) to SME employers and…
On 13 March 2020, the Deputy President Logan, in the Administrative Appeals Tribunal (AAT) decided that A lump sum payment in arrears of invalidity pay was a superannuation lump sum and a disability superannuation benefit and thus not assessable as ordinary income. See below for details. [Tax Month – March 2020]
On 13 March 2020, the Commissioner issued a SMSF Regulator’s Bulletin SMSFRB 2020/1, setting out the ATO’s concerns about self-managed superannuation funds (SMSFs) entering into certain arrangements, with related or unrelated parties, involving the purchase and development of real property for subsequent disposal or leasing. See below for further detail. [Tax Month – March 2020]…
On 20 March 2020, the Tax Institute’s weekly tax bulletin: TaxVine (No. 10), their Senior Tax Counsel’s Report, Bob Deutsch wrote and article entitled: MyGovID: SHORT TERM PAIN, LONG TERM GAIN. See below for further detail. [Tax Month – March 2020]
On 18 March 2020, the High Court decided (by majority of 4 to 1) that two deeds remedial deeds, that sorted out partnership interests in land, after one of 2 joint trustees died and one of 5 partners died, were dutiable because the created fixed interests, which were different from their former interests as partners…
On Wed 18.3.2020, the ATO issued an Addendum to Taxation Ruling TR 2001/13, its ruling on interpreting Australia’s double tax agreements. See below for a summary of the ruling and update. [Tax Month – March 2020]
On 18 March 2020, the Administrative Appeals Tribunal (AAT) decided that A taxpayer who owned land containing native forest that was not harvested during his 24-year period of ownership was carrying on a business and therefore able to utilise the CGT small business concessions. See below for a summary of the case. [Tax Month – March…
On 19 March 2020, the Australian Charities and Not-for-profits Commission (ACNC) announced it would commence a review of about 500 registered charities for their eligibility for registration. See below for further details. [Tax Month – March 2020]