Foreign Resident CGT Withholding Tax – ATO updates website for ‘Purchaser Payment Notification’ (PPN) forms – generating a ‘reference number’ for ATO, vendor and purchaser purposes

Tax Month - September 2020

On 27 Aug 2020, the ATO updated its website regarding legal practitioners lodging ‘Purchaser Payment Notification’ (PPN) forms, for Foreign Resident CGT Withholding Tax (CGT Withholding Tax). Though this will be most relevant for conveyancers, it is worth re-acquainting ourselves with this regime. See below for details. [Tax Month – August 2020]

Qld stamp duty: Resolute Mining Ltd v Commr State Revenue – duty payable on $635k ‘unencumbered value’ of land – not the $8.4m ‘funding amount’ to move a school – which couldn’t be valued because it could go up or down

Tax Month - September 2020

The Qld Supreme Court has held that duty was payable on the unencumbered value of land as the highest consideration payable under the agreement to purchase the land could not be ascertained when the agreement was executed. See below for details. [Tax Month – September 2020]

JobKeeper 2.0 – ‘work test’ for higher (Tier 1) benefits when hours of work not ascertainable – ATO Determination on when higher benefit will be paid

Tax Month - September 2020

The ATO registered a legislative instrument, the Coronavirus Economic Response Package (Payments and Benefits) Higher Rate Determination 2020, on 16 September 2020. It sets out when the higher JobKeeper rate applies to an eligible employee of a JobKeeper registered entity, identifying the specific circumstances in which the Commissioner will be satisfied that determining an employee’s total hours is not…

JobKeeper 2.0 ‘decline in turnover test’ – ATO Determination allows ‘actual’ turnover to be calculated on an ‘attribution’ timing basis

Tax Month - September 2020

The ATO registered a legislative instrument, the Coronavirus Economic Response Package (Payments and Benefits) (Timing of Supplies Made and Decline in Turnover Test) Rules 2020 (No 1), on 16 September 2020 – to allow taxpayers to use the GST ‘attribution’ rules to calculate their actual ‘turnover’ for the ‘decline in turnover test – for the extended JobKeeper…

JobKeeper 2.0 – Alternative 28-day ‘Reference Periods’ for the 40hr per fortnight work test (for higher ‘tier’ benefits) – determination made by Commissioner

Tax Month - September 2020

On Wed 16 Sept 2020, the Commissioner of Taxation registered a legislative instrument, the Coronavirus Economic Response Package (Payments and Benefits) Alternative Reference Period Determination 2020. It sets out 4 alternative reference periods for specified classes of individuals in determining whether the higher or lower JobKeeper payment rate (Tier 1 or Tier 2) applies. See below for details.…

JobKeeper 2.0 – statutory amendments and amending rules now made – summary and links

Tax Month - September 2020

On Tuesday 15.9.2020, the Federal Government released details of its extension to the JobKeeper scheme beyond September 2020. As previously announced, the JobKeeper payment will be extended for two periods, being the December 2020 quarter and March 2021 quarters. See below for details. [Tax Month – September 2020]       On Tuesday 15.9.2020, the…

GST tax reform – its importance and place in wider tax reform in Australia (including as part of a COVID-recovery)

Tax Month - September 2020

On Friday 18.9.2020, The Tax Institute published an the Report of  the Chair of their National GST Technical Committee: Bastian Gasser in its weekly tax bulletin: TaxVine (No. 36, 18.9.20). It covers the work that Committee has been doing in considering the part GST might play in Institute’s  Tax Summit: Project Reform. It also comes as…

Qld to abolish transfer duty on small business restructures

Tax Month - September 2020, Uncategorized

In his press conference releasing the Qld Government’s COVID-19 Fiscal and Economic Review on 7 September 2020, Queensland Treasurer Cameron Dick announced that he intends to “abolish” transfer duty for small businesses who wish to restructure for efficiency. He said: “… the government will abolish, we will abolish transfer duty when eligible small businesses restructure to reduce…

Crown Melbourne Limited & Anor v CofT – GST win for casino operators – commissions paid to or rebates received from ‘Junket Operators’ included in ‘global GST amount’

Tax Month - September 2020

On 10 September 2020, the Federal Court held that commissions and rebates paid by 2 casinos, under agreements with junket tour operators, should be taken into account in working out the casinos’ “global GST amounts” for the purposes of the special GST rules (in Div 126 of the GST Act) governing gambling supplies. See below for details.…