On Monday 5.7.2021, the Government announced that it has asked the Board of Taxation (Board) to review the collection of GST on low value imported goods, implemented from 1 July 2018. The review is to ensure the system is operating as intended, its effectiveness and any relevant international developments. The Board is to report back by 17 December 2021. See…
On 7 July 2021, the Government has announced the Terms of Reference for its review into the tax treatment of venture capital, to find out if the current tax concessions support genuine early stage Australian start-ups. The review will be undertaken by Treasury and Industry Innovation and Science Australia (IISA). The review, announced in the lead up…
On 11 May 2021 (in the Federal Budget), the Australian Government announced that it will introduce a ‘patent box’ for corporate income associated with patented inventions in the medical and biotechnology sectors. The patent box will apply to companies for income years commencing on or after 1 July 2022 – in relation to patents issued…
On 9 July 2021, the Federal Court has held that, although the AAT misapplied the principles relating to the onus of proof, placed on the taxpayers, there was a real and substantial risk that the AAT’s ability to assess the issues was impaired. The Court therefore remitted the matter for a re-hearing. The decision has…
The taxpayers have filed an application for special leave to appeal to the High Court from the Full Federal Court decision in Peter Greensill Family Co Pty Ltd (Trustee) v FCT; N & M Martin Holdings Pty Ltd v FCT, which were heard concurrently [2021] FCAFC 99 (see related TT article). See below for further details. [Tax…