APRA has released for consultation proposed revisions to Prudential Standard SPS 530 (Investment Governance)which aims to ensure registrable superannuation entity (RSE) licensees prudently select, manage and monitor investments. The proposed revisions to SPS 530 respond to findings from APRA’s unlisted asset valuation thematic review and its 2018-2019 post-implementation review of the super prudential framework. The updates…
[The Tax Institute] There has been some recent confusion surrounding the first fortnight for which reconfirmation of eligibility for NSW JobSaver payments is required. We understand the frustration this has caused and seek to allay this confusion with an update following our meeting this afternoon with the NSW Government. Although some businesses and not-for-profit organisations…
The Treasurer announced, on Wed 29.9.2021, that the Commonwealth COVID-19 Disaster Payment will begin to transition, once a State or Territory reaches 70% full vaccination of its population (16 years and older), in line with Phase B of the National Plan agreed to at National Cabinet. Currently, eligible recipients of the Disaster Payment receive $750…
The ATO has issued a draft decision impact statement (DIS) in response to the Full Federal Court decision in FCT v Glencore Investment Pty Ltd [2020] FCAFC 187. This follows the High Court’s decision to refuse the Commissioner’s application for special leave to appeal the decision ([2021] HCATrans 98). The Full Federal Court had dismissed the ATO’s appeal…
This Commissioner’s Practice Note will assist employers in determining their liability for payroll tax on superannuation contributions and the Commonwealth superannuation guarantee charge (SGC”). It explains the Chief Commissioner’s application of relevant provisions of the Payroll Tax Act 2007 (“The Act”) including Division 3 of Part 3 (“Superannuation contributions”), and superannuation benefits paid or payable in…
On 27 Sept 2021, APRA has published a set of additional FAQs on the reporting standards for Phase 1 of the Superannuation Data Transformation project. This update includes the staged implementation approach, including an extension to the timeframe for the initial submission of data due by 30 September 2021 to due by 28 October 2021. [LTN 187, 28.9.21] The questions are designed…
On 28.9.21, the Australian Federal Police, ATO and ASIC issued a joint media release, reporting that a man, from Sydney’s inner west, will appear before Downing Centre Local Court, to face charges in relation to a $20m fraud and money laundering operation. The case is part of Operation Bordelon, a Serious Financial Crime Taskforce joint…
On 31 August 2021, the Environment and Communications Legislation Committee handed down its report on the Treasury Laws Amendment (2021 Measures No 5) Bill 2021, which would reform reforms to the Australian Screen Production Incentive; and consequential matters arising from the corporate insolvency reforms. As you read this, it may seem ‘arid’ but it has inflamed and…
Australia’s film and TV industry is working to fight moves to cut access to a key post-production tax rebate, warning Coalition plans to double the spending threshold for eligibility will send important work overseas. This is under relative obscurity legislation that appears ‘arid’ (see related TT article). However, it has galvanised this industry, as the…
On 25 Sept 2021, the Commonwealth and Queensland Governments issued a joint media release stating that an allocation from the State and Federal Governments $600m support package worth $70m will be targeted at Queensland’s tourism industry. Specifically, $30m will be allocated to support Queensland’s iconic tourism attractions and $40m will be used to provide a second round…