On 27 April 2021, the ATO posted an article on it’s website headed: ‘If you exceed your non-concessional contributions cap. This refers to the $110,000 cap on non-concessional contributions to a complying superannuation fund. It sets out the two options available to you – the first being to take your non-concessional (post tax) money out…
On Tues 27.4.21, the ATO posted a statement on its website, about a 62 year old man who has been charged for illegal “phoenix” activity. The Serious Financial Crime Taskforce (SFCT) investigation, led by the ATO and the AFP, alleges that the man did not remit PAYG withheld from employees’ wages to the ATO, totalling $845,066.…
On 27.4.21, the ATO released a consultation paper seeking feedback from the tax profession on its proposed guidelines that set a minimum standard on due diligence for tax practitioners when engaging new clients, or where there is suspicion that a client may have had their identity compromised. These guidelines are set to address the growing risk of identity…
The professional bodies have released their joint submission to ATO, as part of its consultation, regarding draft Practical Compliance Guideline PCG 2021/D2 (Draft Guideline) – which is about how it will allocate auditing resources to structures and other arrangements professional firms put in place, that affect who the end recipient is, of the income of…
The Victorian Government announced land tax relief measures for landlords and commercial owner-occupiers for the 2021 land tax year. These measures are in addition to measures announced in relation to the 2020 land tax year. See below for further details. [Tax Month – April 2021] Broadly, the following land tax relief measures are…
The 1985 ‘Reform of the Tax System’ (or RATS as it was known) changed the landscape of Australian Tax, giving us things like capital gains tax (CGT); franking of dividends (to end the double taxation of company profits distributed as dividends), the Fringe Benefits Tax (FBT) and more. For those of us old enough to…
A scholarly review the history of the corporate tax residency definition and case law – both antecedent and subsequent, has been prepared by Professor Miranda Stewart of Melbourne University and is available in this article. There are also links to some supporting and related material. See below for the paper and some further details. [Tax…
On Monday 1.3.2021, the ATO released a DRAFT Practical Compliance Guideline PCG 2021/D2: Allocation of professional firm profits – ATO compliance approach (see related TT article about this). On 15 April 2021, the Law Council of Australia made its submission to this proposed PCG – criticising both its foundations and its execution. See below for…
The OECD recently recommended that our uncompetitive 30% corporate rate be lowered to the 25% rate applicable to SMEs, which has been echoed by taxpayers and advisers complaining that this ‘two-tiered’ system distorts how businesses grow and structure their operations. See below for further details. [Tax Month – April 2021]
Australia’s Incoming OECD boss Mathias Cormann and former finance minister, and US Treasury Secretary’s call for a minimum multinationals tax rate, present a potentially “remarkable” opportunity to strengthen global rules. See below for further details. [Tax Month – April 2021]