As of 1 July 2021, Western Australia joined the hitherto NSW & Victorian uniform law initiative. I’m aware that is a particularly ‘lawyers only’ issue – but some tax advisers are lawyers. And, it may not look that significant either – and perhaps it’s not. Still, it is a significant move towards other states and…
Following the easing of COVID-19 border restrictions, we have seen a steady increase in people relocating to Australia. Along with this international passenger traffic, there has been a marked increase in funds coming into the country, whether or not in connection with someone’s relocation. For tax practitioners, such relocations would ordinarily prompt thoughts of a change…
On 13.7.22, the ATO issued Taxation Determination TD 2022/11 (TD), settling its final position on UPEs Income tax: Division 7A: when will an unpaid present entitlement or amount held on sub-trust become the provision of ‘financial accommodation’? This is Division 7A of Part III of the Income Tax Assessment Act 1936 (ITAA 1936) and UPEs are…
T a x T e c h n i c a l – M o n t h l y N e w s – August 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 ______________________________________________________________________________ COMPILING…
In late June 2022, the ATO updated its website on the tax implications of ‘Crypto’ transactions. It said that there are no special tax rules for this type of asset or transactions, but it is (for me, at least) interesting to know more about this digital form of currency, it’s use as an investment, and…
The High Court has dismissed an appeal from the WA Court of Appeal and ruled that reg 6.17A of the SIS Regs does not apply to self-managed superannuation fund (SMSFs), and therefore clauses in an SMSF’s deed operated as a binding death benefit nomination (BDBN). In the process the High Court made it clear the…
On 15 June 2022, the High Court unanimously dismissed an appeal from a decision of the Court of Appeal of the Supreme Court of Western Australia concerning the operation of reg 6.17A of the Superannuation Industry (Supervision) Regulations 1994 (Cth) [SISR]. That regulation relevantly prescribed standards for how a member of a regulated superannuation fund is…
The NSW Court of Appeal has held that the Commonwealth (in effect the ATO) was not required to disclose protected information to a company (with Administrator appointed) was suing the Commonwealth to recover money paid by a shadow director to satisfy his tax debts in breach of his fiduciary duties which the Administrator alleged the…
The AAT has confirmed that a special dividend paid by BHP was assessable in the taxpayer’s hands. The taxpayer was self-represented and a shareholder in BHP Group Limited. Following the sale of some of its onshore US assets and an off-market share buy-back, BHP decided to pay a special dividend, representing the residual US$5.2 billion net…
The Federal Court has ruled that a lecturer engaged by a company to provide higher education courses was an “employee” for Super Guarantee purposes, and not an independent contractor, as his right to sub-contract the teaching services was limited and required consent. This case considers the ordinary meaning of ’employee’ issues recently decided by the…