In September 2020, the ATO announced the ‘base rate’ for the October – December 2020 Quarter, upon which the GIC, SIC and Interest on Overpayments are based. The base rate is 0.10% per annum. See below for further details. [Tax Month – September 2020]
Federal and State Governments gave individuals and companies, relief from premature insolvency, in March 2020 when the pandemic began to spread. This was due to expire on 25 September 2020, but earlier in September, these measures were extended to 31 December 2020. See below for details. [Tax Month – September 2020]
On 7.9.2020, the Queensland government announced additional relief measures to help protect small and medium business in Queensland through the COVID-19 pandemic – including payroll tax relief. See below for details. [Tax Month – September 2020]
On 4.9.2020, the Federal Court has rejected a claim for legal professional privilege (LPP) on documents produced to ASIC that form part of civil penalty proceedings involving a Banking Royal Commission case study. See below for details. [Tax Month – September 2020]
The ATO has released its findings on SMSF auditor number (SAN) misuse mailout to SMSF auditors for SMSF annual returns (SAR) lodged for the 2018 income year – as part of its measures to stop unregistered auditors appropriating the number of a registered auditor. See below for details. [Tax Month – August 2020]
In a media release on Thur 20.8.2020, the TPB unveiled its 2020-21 corporate plan in conjunction with its 10th anniversary, outlining its purpose, vision and values for the coming year. TPB Chair, Ian Klug AM in his introductory message spoke to the importance of the profession’s role in upholding the integrity of the tax system…
On 19.8.2020, ASIC announced it had cancelled, or imposed conditions on, the registration of a number of auditors of self-managed superannuation funds (SMSFs) who had not maintained an appropriate level of audit experience. See below for details. [Tax Month – August 2020]
On 17 August 2020, the Full Federal Court set aside a freezing order so far as it applied to overseas assets because there was ‘no realistic possibility of enforcement’ in those jurisdictions (Hong Kong and China). See below for details. [Tax Month – August 2020]
On 17 August 20920, the Full Federal Court effectively reinstated an AAT decision that the unrelated clients test for the purposes of the personal services income (PSI) rules was not satisfied. This is the ‘LinkedIn’ advertising case, where the Federal Court overturned the initial AAT decision in the Commissioner’s favour. See below for details. [Tax…
On 17 August 2020, ASX listed DomaCom issued a Media Release for the ASX, advising that it had received advice from the ATO that the ‘downsizer’ superannuation contribution concession, can be claimed on proceeds from the sale of partial interest in their home, which can be done using their Senior Equity Release platform. DomaCom lost a…