On 31 July 2020, the Australian Federal Police, Australian Tax Office and Commonwealth Director of Public Prosecutions issued a joint media release, saying that the founder of the ‘Plutus’ tax fraud: Simon Anquetil, was sentenced in the Supreme Court of NSW – to 7 years and 6 months in jail, with a non-parole period of 5…
On Wednesday 5 August 2020, the Victorian Legal Services Board + Commissioner issued a broadcast email to all Victorian lawyers, giving a summary of the effect of both the new ‘Stage 4’ and previous ‘Stage 3′ lockdown restrictions on lawyers in this state – now the dust has settled (and the restrictions bite – at…
On Sunday 2 August 2020, Victoria stepped up its COVID-19 restrictions – the Greater Melbourne area to ‘Stage 4’. This includes stricter ‘stay at home’ restrictions – 8pm-5am curfew, 5km limit, only 1 hour exercise, only 1 person per household leaving to shop for much reduced essential goods and services. But an important facet of…
On 3 August 2020, the Australian Financial Review posted an article written by its National Affairs Correspondent: Angus Grigg entitled: Tax haven residents hold $5.7 billion of cash in Australia. This information is a result of the ATO publishing non-secret aggregate data from recent information sharing reforms, between Revenue Authorities, which came out of the ‘base…
T a x T e c h n i c a l – M o n t h l y N e w s – August 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 ______________________________________________________________________________ COMPILING…
The Tax Institute’s weekly tax newsletter: TaxVine (No. 29, 31.7.20) carried an article by its Director of Tax Policy and Technical’s Report: Mr Andrew Mills, entitled: “Advocating for members through consultation”. This looks at the various consultation forums established by the ATO and the role Institute members play – in advocating for change under the Institute’s…
On 29 July 2020, the Australian Bureau of Statistics (ABS) has released the CPI index number of 114.4 for the June quarter 2020, showing a -2.2 decrease from the March 2020 quarter of 116.6. See below for the tax implications and further detail. [Tax Month – July 2020]
On 10 July 2020, the AAT upheld the ATO’s assessment, deciding that a beneficiary of a discretionary trust, was not entitled to deductions, for interest he incurred on loans used by the trust to acquire rental properties. See below for details. [Tax Month – July 2020]
The Full Federal Court has ruled that a dentist working under a services agreement was not an employee at common law but was an “employee” pursuant to the extended meaning of that term in s 12(3) of the Superannuation Guarantee (Administration) Act 1992 (SGAA) – which includes persons working under a contract wholly or principally “for”…
On Wed 29.7.20, NSW Treasurer Dominic Perrottet and Minister for Planning and Public Spaces Rob Stokes has issued a joint release announcing that the NSW Government will be introducing a land tax discount for new build-to-rent housing projects until 2040 and a new Housing Diversity State Environmental Planning Policy (SEPP) to provide more housing options to boost construction and…