The G7 Finance Ministers, meeting in Cornwall in the UK under the UK’s Presidency, issued a media release dated 5 June 2021, announceing that they had agreed to principles of an ambitious two Pillar global solution to tackle the tax challenges arising from an increasingly globalised and digital global economy. See below for further detail.…
On Thursday 10.6.21, the ATO today issued Draft Taxation Administration – Single Touch Payroll – 2021-22 year Withholding Payer Number Exemption 2021 (STP 2021/D1) proposing to extend for another year (2021-22) an existing STP reporting exemption for the main (the mandatory) payments. See below for further details. [Tax Month – June 2021] The…
On 7 June 2021, the AAT held that a company, that claimed it had paid $107,500 in wages to a director for one week, instead of the usual $100 a week, has been denied payment of the cash flow boost. This was to get the $50k maximum benefit. See below for further details. [Tax Month –…
On 10 June 2021, the Full Federal Court dismissed appeals against 2 separate decisions that trustees of resident discretionary trusts were assessable under s98 of the ITAA 1936 on capital gains made on the sale of shares that were not taxable Australian property (TAP) which were distributed to foreign residents – causing both taxpayers to…
Tax Havens were a key ingredient in the amazing world consensus to do something about ‘Base Erosion and Profit Shifting’ (BEPS) but they have come to the fore again, with some European countries denying Covid-19 relief to companies in, or with subsidiaries in tax havens (though the definition of this is contentious). This coincides with…