On Friday 20.3.20, the ATO released a synthesised text of Australia’s double taxation agreement (DTA) with Canada. It outlines the modifications that have been made to the DTA by the Multilateral Convention to Implement Tax Treaty Measures to Prevent Base Erosion and Profit Shifting (known as the ‘Multi-lateral Instrument’ or ‘MLI’) See below for an…
On Friday 20.3.20, the Prime Minster today announced that the 2020-21 Federal Budget will be deferred until Tuesday 6 October 2020 (instead of May 2020 as originally scheduled) given the ongoing uncertainty surrounding financial forecasts. Mr Morrison said he has spoken to the Leader of the Opposition, and thanked him for his support of these arrangements. [Tax Month –…
On 10 March 2020, the ATO published a post on its website noting that the 6 month amnesty had started on 6 March 2020 (when the Bill got Royal Assent). It has a more practical slant than the related TT article posted at the same time. See below for further details. [Tax Month – March…
On 12 March 2020, accounting firm: Pitcher Partners put out a Critical Point Network Bulletin reminding readers that the Superannuation Guarantee ‘Amnesty’ started on 6 March 2020 and runs for only 6 months (6 Sept 2020) and covers a very long period – 1 July 1992 and 31 March 2018 (from the inception of the…
On 12 March 2020, our Prime Minister: Scott Morrison announced the Government’s stimulus package, to support the economy, which is suffering the double blow of the bushfires and the ‘coronavirus’ (now known as CO-VID 19). It is a significant but is of little use to distressed businesses who don’t have the resources to invest extra…
On Friday 13 March 2020, The Tax Institute’s Senior Tax Counsel: Bob Deutsch published his weekly ‘Report’ in its newsletter: TaxVine (#9) entitled: TRANSFER PRICING – A simple topic; some complex solutions!. It is a simplified explanation of ‘transfer pricing’, which is a reference to a means by which multi-national groups can ‘transfer’ profits – by…
On Friday 13.3.20, the ATO Consultation Steering Group issued its ‘February 2020 Consultation Report’. See below for the Report and a table of contents. [Tax Month – March 2020]
On 13 March 2020, the ATO posted an article saying the 2020 SMSF Annual Return will be available at the end of May 2020 and will include a number of label changes. See below for details [Tax Month – March 2020]
On Thursday 12 March 2020, the ATO posted an article advising SMSFs that being more than 2 weeks late in lodging any annual return, and it hasn’t requested a deferral, it will change the status of the SMSF, on Super Fund Lookup (SFLU) to ‘Regulation details removed’. See below for details. [Tax Month – March 2020]
On Thursday, 12 March 2020, the Ministers for the Department of Social Services (Ruston, Robert, Landry and Howarth) issued a Media Release announcing that the Social Security ‘deeming rates’ would be lowered by 0.5% (50 percentage points) – double the Reserve Bank’s 0.25% cut in interest rates on Tuesday 3 March 2020 (conceding there was…