Daily Archives: April 11, 2021

PAYG obligations for remediation payments made by financial institutions following the Hayne Banking Royal Commission – how might PAYG arise?

The ATO has released a fact sheet on its Legal Database outlining the PAYG withholding and reporting obligations for financial institutions that may arise from making remediation payments, following the Hayne Royal Commission into banking and financial services malpractice (eg. restitution for fees charged for no service). If you’re like me, you might be wondering how compensation…

Budget super reforms introduce ‘sovereign risk’ into the $3t super industry – how could that be so?

AustralianSuper chief Ian Silk has accused the Morrison government of introducing “sovereign risk” to the $3 trillion superannuation system – but how could that be so? Is legislation heavily crimping advertising funds really ‘sovereign risk’, or is it the power to promulgate regulations that ban certain superfund transactions? See below for details. [Tax Month –…

Board of Taxation – new interim CEO issues her April 2021 Update

The new interim CEO of the Board of Taxation, Ms Kathyrn Davy, has issued the CEO Update – April 2021 – introducing herself, dealing with submissions to its Review of CGT Rollovers Consultation Paper, its new ‘sounding board’ platform, the Tax Transparency Code (which, word has it, is slipping in support) and future meeting dates. See below…