Yearly Archives: 2020

Customs Tariff Amendment (Peru-Australia Free Trade Agreement Implementation) Regulations 2019 – rules for granting preferential tariff rates for goods imported from Peru under FTA

The Customs Tariff Amendment (Peru-Australia Free Trade Agreement Implementation) Regulations 2019 were registered on 13 December 2019. They amend the Customs Tariff Regulations 2004 to prescribe goods, as required in new Sch 6A to the Customs Tariff Act 1995, inserted by Sch 1 to the Customs Tariff Amendment (Growing Australian Export Opportunities Across the Asia-Pacific) Act 2019. See related TT…

2019-20 MYEFO released – significant revenue write-downs, surpluses remain, 2.25% growth in 2019/20, black economy measures, mismatch measures, eligible rollover fund measures and more ‘tax clinic’ funding

On Monday 16.12.19, the Treasurer released the 2019-20 Mid-Year Economic and Fiscal Outlook (MYEFO). See below for a summary of the tax related issues in the MYEFO. [Tax Month – December 2019]

Legislation announced to progressively close down ‘eligible rollover funds’ by 30.6.21 – hastening the Productivity Commission’s recommendation that this be done in 3 years

In a joint media release, on 13.12.19, the Treasurer (Josh Frydenberg) and Assistant Minister for Superannuation, Financial Services and Financial Technology  (Jane Hume) announced that the Government would introduce legislation to facilitate the exit of eligible rollover funds (ERFs) from the industry by 30 June 2021 and allowing the Australian Taxation Office (ATO) to reunite amounts…

Treasury Laws Amendment (Measures for Consultation) Bill 2019: hybrid mismatch rules – draft legislation for changes to ‘hybrid mismatch rules’ – Submissions by 24 Jan 2020

On Friday 13.12.19, Treasury released draft legislation and explanatory material for the announced changes to the ‘hybrid mismatch’ rules and 2 additional changes – called the Treasury Laws Amendment (Measures for Consultation) Bill 2019: hybrid mismatch rules. See below for a summary of these drafts. [Tax Month – December 2019]

ATO reminds taxpayers & agents that Partnership (‘Everett’) assignments since 8 May 2018, returned with ‘small business CGT relief’ will need amendment

On 16 December 2019, the ATO  reminded tax agents (and taxpayers) that they might have to amend their clients (their own) tax returns if they have claimed ‘small business CGT relief, under an ‘Everett’ assignment of a partnership interest, after amending legislation was past. See below for further details about the reminder. [Tax Month –…

ASIC disqualifies director for maximum of 5 years for illegal ‘phoenix’ activity involving $30m owing to the ATO – Taskforce and Assetless Administration Fund

On 17 Dec 2019, ASIC issued a media release announcing it had disqualified a director for five years for engaging in illegal phoenix activity. See below for details of the Media Release. [Tax Month – December 2019]     ASIC disqualified Timothy Elgan Marsh, of Epping, NSW, from managing companies, for the maximum period of…

ABS ‘Personal Income In Australia 2011/12 to 2016/17 – $856bn in personal income in 2016-17 from 13.7m tax returns and other data

On Tuesday 17.12.19, the Australian Bureau of Statistics (ABS) released Personal Income in Australia, 2011-12 to 2016-17. See below for a summary of this release. [Tax Month – December 2019]

Treasury Laws Amendment (Miscellaneous Amendments) Regulations 2019 – relating to ‘reversionary defined benefit pensions, successor fund transfers, deferred superannuation income streams, innovative income streams

On Tuesday 17.12.19, the Government registered Treasury Laws Amendment (Miscellaneous Amendments) Regulations 2019, which make minor and technical amendments to regulations in the Treasury portfolio, including tax laws, corporations laws, superannuation laws and credit laws. The amendments are part of the Government’s commitment to the care and maintenance of Treasury portfolio legislation. See below for a…