T a x T e c h n i c a l – M o n t h l y N e w s – March 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 Thursday 6.2.20, the Governor-General made the Income Tax Assessment Amendment (Exploration for Minerals) Regulations 2020 and one day later, they were registered on the Federal Register of Legislation and took effect – to increase the s418-103(1)(d) amount by $5m. See below for an explanation of how this affects junior explorers. [Tax Month – February 2020]
T a x T e c h n i c a l – M o n t h l y N e w s – February 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 20 December 2019, The AAT has upheld assessments disallowing $122m in input tax credits claimed by a gold refining company in relation to a scheme involving the acquisition and refining of scrap gold (but the decision was not published until 22 January 2020). See below for details. [Tax Month – January 2020]
On 22 January 2020, the Treasurer released a ‘Proposal Paper’ on extending the Banking Executive Accountability Regime (BEAR) to all APRA-regulated entities (including superannuation RSE licensees), as recommended by the Banking Royal Commission – recommendation 3.9). See below for details. [Tax Month – January 2020]
By 28 January 2020, The taxpayer had appealed to the Federal Court against the decision in ACN 154 520 199 Pty Ltd (In Liq) v CofT, which was decided on 20 December 2019. See below for further detail [Tax Month – January 2020]
In Burton v CofT – taxpayer has applied to the High Court for special leave to appeal the Full Federal Court decision, denying him full foreign tax credits for US tax on a capital gain. See below for further details. [Tax Month – January 2020]
On 29 January 2020, the Australian Bureau of Statistics (ABS) released its CPI index numbers, which affect various taxation provisions. See below for further detail. [Tax Month – January 2020]
On 29 January 2020, the Commissioner issued an addendum to his ruling on ‘genuine redundancy payment’ concessions, for the amendments extending eligibility for this concession from age 65, to pension age (which can often be older than this). See below for further detail. [Tax Month – January 2020]
On 6 December 2019, the ATO uploaded a post, about the application of a still unlegislated Bill, to ‘significant global entities’ (SGEs) and modifications it proposes to make to the radically uplifted administrative penalties, that apply to SGEs. They concern subsidiaries, of ‘global parent entities’, which could be small and are already struggling with the…