The ATO has a page on its website dealing with the Multi-lateral Instrument (MLI) – introduced by the OECD ‘base erosion and profit shifting’ (BEPS) initiative to quickly change bi-lateral ‘double tax agreements’ (DTA‘s) around the world to deal with various tax issues as they arise. They last modified this page on 22 October 2020,…
Women have been highly critical of the male dominated focus of the 2020-21 Federal Budget. Although the Budget Speech acknowledged that women were disproportionately affected by the economic consequences of the COVID-19 pandemic, the fiscal stimulus measures were directed primarily to those areas of the economy that will benefit men. See below for further details.…
The appeals against the decisions in Peter Greensill Family Co Pty Ltd v FCT [2020] FCA 559 and N & M Martin Holdings Pty Ltd v FCT [2020] FCA 1186 will be heard concurrently by the Full Federal Court, following orders by the Registrar on 22 October 2020. See below for further details. [Tax Month – October…
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]
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…
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]
T a x T e c h n i c a l – M o n t h l y N e w s – October 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 ______________________________________________________________________________ COMPILING…
On 21 September 2020, the ATO updated its material on its website explaining the eligibility requirements for ‘sole traders’ to include the extended ‘JobKeeper 2.0’ changes – which are broadly an extension for 2 more quarters, each with a stepped down benefit and each with a 2-tier benefit structure depending on an 80 hours ‘work…
On 18.9.2020, the Full Federal Court has allowed the Taxpayer’s appeal, holding that a property used to store materials, tools and other equipment was an active asset for the purpose of the Div 152 CGT small business concessions, and as a result, those concessions applied (reversing the Federal Court decision, which reversed the AAT decision,…
The ACT Government notified on 10 September 2020 the Leases (Commercial and Retail) COVID-19 Emergency Response Declaration 2020 (No 2) to extend its assistance to incentivise commercial landlords to offer rent relief for tenants impacted financially by COVID-19. This matches the extension of the Federal JobKeeper support package. See below for details. [Tax Month – September 2020]