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…
On 25 January 2022, the Full Federal Court upheld the taxpayers appeal, awarding it an outright deduction, under s 40-80 of the ITAA 1997, of the cost of acquiring another oil company’s interests in an offshore exploration project. This was the very large ‘Browse Project’, off the Western Australian coast. Acquiring these interest cost Shell $2.3m…
In addition to a range of macro considerations, the new President of the Tax Institute: Jerome Tse, lists some specific technical issues that will arise, for further consideration (if not resolution) in 2022. This was in the Institute’s first TaxVine email, to members, for the year. What’s on the radar for 2022? 2022 will be…
On 9 Dec 2019, the AAT affirmed the decision of the Tax Practioners Board (TPB) not to register the applicant, because he had worked remotely and there was no evidence that had done relevant work “under the supervision and control” of a registered tax agent (who, incidentally was deregistered for lack of supervision). The facts…
A taxpayer was unable to claim a deduction for personal super contributions as he was over a year late in giving the required notice to his super fund. This provision is diabolical. To claim a deduction you need to have given the fund a notice of the amount you wish to deduct and got the…
The Federal Court has ordered Statewide Superannuation Pty Ltd to pay civil penalties totalling $4 million for providing members with misleading information about their (actually lapsed) insurance, charging them premiums for this lapsed insurance and failing to report the issue to ASIC. This conduct was not deliberate but stemmed from inadequate management and risk control…
On Thur 20.1.2022, the ATO released a Decision Impact Statement (“DIS”) in relation to MJ and IT Holdings Pty Ltd and FCT [2021] AATA 3250. In that case, the AAT found that MJ and IT Holdings Pty Ltd was not entitled to the cash flow boost (“CFB”) in respect of an amount paid to its…
On Thur 20.1.2022, the Government released for consultation the draft Industry Research and Development (clinical trials, Phase 0, I, II, III for an unapproved therapeutic good) Determination 2021. This is relevant for the development of medical products (particularly new products). By way of background, to register for the R&D tax regime, companies must conduct or…