On 24 Dec 2019, the Federal Court (Logan J) held that an emigrant from Zimbabwe, who left family in Australia but worked in Thailand (and later other countries) for a long time, was not taxable in Australia on his foreign salary, under the Thai DTA. See below for a further summary of the case. [Tax…
On 12 December 2019, the Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures) Bill 2019 received Royal Assent as Act No 129 of 2019. As a result, clumsily and controversial measures, to deny foreign residents access to the CGT main residence exemption, are now law. See below for a summary of this new Act and…
On Friday 13.12.19, the Commissioner issued draft GST Determination GSTD 2019/D1, addressing the GST consequences of arrangements, between government agencies, and private developers, in the context of land development in the ACT. See below for a summary of the draft determination. [Tax Month – December 2019]
On 12 December 2019, the ATO released an updated version of Practical Compliance Guideline PCG 2018/9, its guidance to foreign-incorporated companies on applying the ‘central management and control’ (CM&C) test in Ruling TR 2018/5. See below for a summary of the PCG. [Tax Month – December 2019]
On Fri 13.12.2019, the Commissioner released Taxation Determination TD 2019/14 which addresses the question: Will a trust split arrangement of the type described in this Determination cause a new trust to be settled over some but not all assets of the original trust with the result that CGT event E1 in s 104-55(1) of the Income Tax…
On Fri 13.12.19, the ATO released Draft Rluning: TR 2019/D7, which sets out when an employee can deduct transport expenses under s 8-1 of the Income Tax Assessment Act 1997 (ITAA97). This includes the cost of travel by airline, train, taxi, car, bus, boat or other vehicle. See below for a summary of this draft ruling.…
On Fri 13.12.19, the Commissioner released Law Companion Ruling LCR 2019/5, which addresses the operation of the Treasury Laws Amendment (Enterprise Tax Plan Base Rate Entities) Act 2018, which in turn, amended the Rates Act, to change access to the lower 27.5% corporate tax rate. See below for a summary of this Ruling. [Tax Month…
The Law Institute of Victoria’s (LIV’s) ‘Taxation and Revenue Committee’ reviewed it’s active calendar 2019, with a certain amount of pride. See below for a summary of those activities. [Tax Month – December 2019]
On Mon 16.12.2019, the Commissioner released Draft Practice Statement Law Administration PS LA 2019/D2 – Administering general anti-abuse rules, such as a principal or main purposes test, included in any of Australia’s tax treaties and in the Multi-Lateral Instrument (MLI). See below for a summary of this draft PSLA and the consultation process. [Tax Month –…
WASHINGTON, Dec 15 (Reuters) – The “phase one” U.S.-China trade deal reached on Friday is “totally done” despite the need for translation and it will nearly double U.S. exports to China over the next two years, U.S. Trade Representative Robert Lighthizer said on Sunday. See below for more of the article. [Tax Month – December…