The ATO has successfully appealed an AAT decision which had overturned the Commissioner’s disqualification of a trustee of a self-managed superannuation fund (SMSF). The AAT had affirmed a non-compliance notice given to the SMSF for multiple breaches of the SIS Act but set aside the ATO’s decision to disqualify the trustee under s126A of the…
On 8 February 2021, the Government announced that it would introduce specific legislation to ensure that the cost of Covid-19 Rapid Antigen Tests (RATs) would be both tax deductible (if work related) and FBT exempt for employers. The Prime Minister assumed it was deductible/FBT exempt on 22 December 2022, when defending the Government’s decision to…
The SMSF Association has released its 2022-23 Federal Budget submissions, including a call for the simplification of transfer balance caps (TBCs); the number of total super balance (TSB) thresholds to be reduced; indexation of key small business CGT concession thresholds; redrafting of the non-arm’s length expenditure (NALE) rules; compliance relief for minor breaches by non-geared…
The Corporate Collective Investment Vehicle Framework and Other Measures Bill 2021 was introduced in the House of Reps on 25 November 2021 proposing to introduce a corporate funds management vehicle to be taxed as an AMIT (a CCIV). It was promptly referred to a Senate Committee, which delivered its report on 3 February 2022. The recommendation was that Parliament…
The Tax Institute has made its submissions to the Government about what they ought address, in their 2022-23 Federal Budget. The Budget is currently scheduled to be handed down on 29 March 2022 (see this article about how this knits with the election cycle, and the chances of it being changed). The Institute gave the…
On 2 Feb 2022, the Financial Review posted an article by its Michael Read, titled ‘‘Inequitable’ and ‘unsustainable’: Call to cap super balances at $5m‘. This reported on a proposal by AIST, to cap superannuation balances at $5m (so balances can’t grow beyond this figure). The article is reproduced below. One of the…
The Australian Institute of Superannuation Trustees (AIST) issued a media release on 28 Jan 2022, saying it has recommended changes to the superannuation system to ensure all Australians benefit from the strong returns being achieved by super funds and to enhance the equity of the system. Budget Changes ASIST recommended, are outlined in its Pre-Budget…
On 23 August 2021, the Senate passed a motion ordering the Commissioner of Taxation to provide protected information about some businesses which received JobKeeper Payments. The ATO takes its obligations to uphold taxpayer secrecy laws very seriously. As you may be aware, the Commissioner pursued a claim for public interest immunity in this matter. The…
T a x T e c h n i c a l – M o n t h l y N e w s – February 2022 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 ______________________________________________________________________________ …
On 20 January 2022, VCAT held that a farm transferred, from an individual, to a wholly owned company, on trust for the trustee of the farmer’s self-managed superannuation fund (SMSF), was subject to land transfer duty and was not eligible for the duty exemption in s56 of the Duties Act 2000 (Vic). The situation, was…