ASIC issues fresh regulatory relief for trustees of super funds that use ‘superannuation calculators and retirement estimates’ facilities

Tax Month - July 2022

Superannuation calculators and retirement estimates may involve personal financial advice. ASIC gives class order relief from Australian financial services (AFS) licensing and personal advice requirements in the Corporations Act 2001 for providers of these tools. The new relief for superannuation calculators and retirement estimates is set out in ASIC (Superannuation Calculators and Retirement Estimates) Instrument 2022/603.…

Tax Month – July 2022

Tax Month - July 2022

T a x  T e c h n i c a l  –  M o n t h l y  N e w s – July 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 ______________________________________________________________________________  …

ATO’s web guidance about its ‘information gathering’ – updated on release of its finalised ‘Protocol’ for claiming Legal Professional Privilege

Tax Month - June 2022

The ATO updated its web guidance on their approach to gathering information at the same time as releasing its finalised ‘Protocol’ for taxpayers claiming Legal Professional Privilege (LPP) – see related TT Article. This covers informal/cooperative information gathering; mandatory information gathering and gathering information off-shore. The details are set out below.   Our approach to…

Compendium of ATO’s consultation in finalising its ‘Protocol’ for claiming Legal Professional Privilege

Tax Month - June 2022

In late June 2022, the ATO finalised its ‘voluntary’ Protocol for claiming legal professional privilege (LPP) – see related TT article. It had conducted ‘consultation’ on the draft Protocol it issued back in September 2021. At the same time as releasing its final Protocol, it released a ‘compendium’ of the points raised in various submissions…

LIV’s ‘counterbalancing offence’ submission mentioned in ATO’s Consultation Compendium (Item 34) – released with it’s finalised LPP Protocol

Tax Month - June 2022

In late June 2022, the ATO finalised its ‘Protocol’ for taxpayers claiming ‘legal professional privilege’ (LPP) – see related TT article. The issue of the draft Protocol, its finalisation, and the surrounding issues, created quite a bit of ‘heat’ (see related TT article). The ATO consulted on the issue of the draft Protocol, and released a ‘compendium‘…

ATO’s Draft LPP Protocol – ‘withdrawn’ but not gone (‘pdf’ preserved for later reference)

Tax Month - June 2022

In late June 2022, the Commissioner finalised and released the ATO’s ‘Protocol’ on claiming Legal Professional Privilege. I chronicled the heat this process has created (see related TT article). The starting point was issuing the Commissioner issuing his draft protocol in September of 2021. Though I have written much about this draft, it is now…