Daily Archives: October 5, 2021

Pandora Papers released; ATO to investigate for Australian links – but they don’t rely on leaks and not everything is illegal

The International Consortium of Investigative Journalists (ICIJ) has released details of offshore tax planning activities contained in 11.9 million confidential files leaked from 14 offshore services firms –  the so-called “Pandora Papers”. This follows the release of the “Paradise Papers” in 2017 (TT article) and the 2016 “Panama Papers” (TT article). In a statement on 4 October 2021, the…

Deadline for Director Identification Number applications extended – to 30 November 2022 and 12 months later under a different Corporations Act

On Tuesday 5.10.2021, the Government registered legislative instrument Corporations (Director Identification Numbers—Transitional Application Period) Instrument 2021. The instrument extends the time available for persons who are eligible officers immediately before the commencement of the director identification number obligations to apply for a director identification number (“DIN”). The persons are required to apply for a DIN…

Digital transformation driving tax administration: ATO paper

The ATO has released a paper on how data and digitisation are driving the future of tax administration. The paper, delivered by Jeremy Hirschhorn, ATO Second Commissioner, Client Engagement was Paper delivered to the 2021 Pearcey Oration and Victorian Entrepreneur Award on 1 September 2021 and posted on the ATO website on 30 Sept 2021. It covers the following themes: thinking…

Section 100A ruling – soft launch at TTI ‘Trust Intensive’ – ‘hard copy’ about Christmas time or end of lockdowns

The Commissioner had a ‘soft launch’ of his proposed his draft ruling on s100A of the 1936 Tax Act, This was at The Tax Institute’s recent Trusts Intensive. The following notes were taken by an attendee at this trust intensive. The ruling will not be released until the new year, because the ATO does not want to…