Business backs Frydenberg’s ‘Sensible’ proxy advice measures – Proxy advisers associated with Super Funds squealing about the need to be independent

Tax Month - May 2021

The Treasurer recently announced (see related TT article) consultation on measures to make proxy advisers more accountable for their advice and super funds more accountable for how they exercise that advice (at company shareholders meetings). There has been a war of words between the Companies, the subject of that advice and the advisors complaining about…

Proxy advisers and super funds to be more accountable for advice given and resulting voting decisions – Government proposals and Consultation Paper released

Tax Month - May 2021

On 30 April 2021, the Treasurer announced that Treasury would consult on the Governments proposals to increase ‘transparency and accountability’ in the way proxy advisers give advice to super funds about how superannuation funds exercise their proxy votes. It is also directed to Super Funds, to make public their voting record against the advice received,…

Tax Month – May 2021

Tax Month - May 2021

T a x  T e c h n i c a l  –  M o n t h l y  N e w s – May 2021 Edition – ‘Tax Developments’ for tax practitioners by a tax practitioner.   Compiled by F John Morgan A member of the Victorian Bar (www.FJMtax.com) Table of Contents ______________________________________________________________________________ COMPILING…

National Charities and Not-for-Profits – a round up of challenges and reforms

Tax Month - May 2021

Charities and Not-for-Profits (NFPs) face a number of challenges, including the overhand of 2020 (increased demand and reduced fund raising activities. Measures which could assist them, in a regulatory sense, would be reductions in ‘red-tape’ including: abolishing the ‘public fund’ requirements for DGRs; integrating the charities and non-charity NFP registers; harmonising state and federal exemptions…

‘Temporary full expensing’ and ‘Backing business investment’ – ATO Schedule for Substituted Accounting Period (SAP) taxpayers or lodging a part year tax return

Tax Month - April 2021

On 20 April 2021, the ATO released the schedule to be used by individuals, companies, partnerships, trusts and AMITs who are claiming a deduction or opting out of temporary full expensing or backing business investment, who have a ‘Substituted Accounting Period (SAP) or are lodging a part year return, to notify the ATO that they are…

Instrument to extend Director ID transition period, for new directors, to match existing directors – 4 Nov 2021 to 30 Nov 2022

Uncategorized

The Government registered 2 legislative instruments on 29 April 2021 relating to the director identification regime, extending the time directors need to register so that it is now form 4 April 2021 to 30 November 2022 – beware, this is all current and future directors. See below for further details. [Tax Month – April 2021]    …

Cof T v Apted (Retrospective ABN start date JobKeeper decision) – ATO issues Decision Impact Statement accepting thrust of decision and amending PS LA 2020/1 accordingly

Tax Month - April 2021

On 29.4.21, the ATO issued a Decision Impact Statement (DIS) on the JobKeeper case: CofT v Apted, where the Full Federal Court upheld an application for an ABN, with a retrospective start date, prior to the 12 March 2020 date, was effective. The Commissioner recognises the broad effect of the decision and has amended his…

Coal of Queensland Pty Ltd v Innovation and Science Australia – R&D: surveys and drilling activities by coal miner not ‘core R&D activities’ or ‘supporting R&D activities’ – appeal dismissed

Tax Month - April 2021

On 23.4.21, the Full Federal Court has upheld a decision that certain activities designed to make extracting coal from particular deposits commercially viable were not “core R&D activities” or “supporting R&D activities” for R&D income tax purposes. The High Court dismissed the taxpayer’s appeal (see related TT article). See below for further details. [Tax Month…

Birdseye v Tax Practitioners Board – Board’s de-registration decision upheld (non-compliance with personal affairs) but 5-year ban set aside (ATO/TPB findings largely rejected)

Tax Month - April 2021

On 20 April 2021, the AAT affirmed decisions of the Tax Practitioners Board (TPB) to cancel the tax agent registrations of an individual (Mr Birdseye) and a company he controlled (Claim IT (SA) Pty Ltd), but has set aside a 5-year ban on applying to be registered again. Nick Birdseye practiced in Adelaide and might be…

‘Your Future, Your Super – Exposure Draft of Amending Regs to effect – Single Default Accounts, Underperforming funds disclosure & sanctions, improving accountability at annual members’ meetings etc.

Tax Month - April 2021

On Wed 28.4.21, Treasury released 3 sets of exposure draft regulations proposing to support the Government’s Your Future, Your Super (YFYS) package of super reforms announced in the 2020-21 Budget. The Regulations will:    (1) Outline the methodology for the annual performance test and re-opening test, as well as requirements for notifications to members;   (2) Prescribe the definition…