On 10 August 2021, the AAT upheld assessments based on surplus cash deposits, of a local seafood business was income, allowed amendments beyond 4 years based on ‘fraud or evasion’, upheld 50% ‘reckless’ shortfall penalties and did not remit interest penalties. See below for further details. [Tax Month – August 2021] The facts…
On 12.8.21, the Federal Minister for Superannuation a media release, saying that the Government proposes to make changes to ensure the superannuation system’s financial reporting and auditing framework is commensurate to the size and significance of the sector and to do that, was releasing an exposure draft, of the relevant legislation, for consultation, with submissions…
SMSFs and small APRA funds can have up to 6 members from 1 July 2021 following legislative amendments. On Friday 13.8.21, the ATO uploaded a post, noting that the Australian Business Register (ABR) has been updated to enable SMSFs to add a fifth or sixth member instead of using their interim process. See below for further detail.…
Also on 13 August 2021, the Federal Treasurer and Tasmanian Premier jointly announced a jointly funded COVID-19 relief package specifically targeted at businesses operating in tourism, hospitality, arts and events, seafood and transport (hire car, coach tours) sectors, as well as those that have been “impacted directly by reduced interstate visitation”. As I understand it, Tasmania…
From 5pm on Thursday 12 August 2021, the Australian Capital Territory went into a Covid-19 based ‘lockdown’ (like the rest of its Eastern Seaboard neighbours) – for 7 days. The following day the Federal Treasurer announced a jointly Federal and Territory funded Covid relief package, along the lines of those announced for NSW, Vic &…
On 3 August 2021, Treasury released its estimates the direct economic costs of the COVID‑19 management strategies modelled by the Doherty Institute, through analysis of the direct impacts of activity restrictions and lockdowns used to manage the virus and contain outbreaks. And the result is that lockdowns are economically cheaper, too (it seems that State &…
Australian liquidator John Sheahan has launched new legal action in Israel against members of the Binetter family which if successful would lift the total he has realised from tax fraud claims to nearly a quarter of a billion dollars. See below for further article [Tax Month – August 2021] AFR Senior Writer: Neil Chenowith…
The AAT has decided that a payment made to the taxpayer, in settlement of a court case against his former employer, was not for loss of earning capacity but only for loss of earnings and was an ‘eligible termination payment’. See below for further details. [Tax Month – August 2021] The facts were these.…
A company was denied ‘JobKeeper’ payments in respect of staff who transferred from another group company, despite ATO advice that a new employer can have ‘eligible employees’, but, the company was also a new company (part of a corporate restructure) and was not in existence, on the key 1 March 2020 date. See below, for…
One basic maxim of tax policy is “tax luck but don’t tax hard work”. Another is “broad bases, low rates”. And yet we don’t. With that introduction the Director of the Tax and Transfer Institute (Crawford School, ANU) Robert Braunig, introduces a smorgasbord of the Institute’s latest offerings. See below for further details. [Tax Month –…