On 15 December 2022, APRA released its annual superannuation fund ‘heat map’ providing detailed information and ranking superannuation funds. At the same time, it issued a ‘Media Release’ (see related TT article). It seems that ‘for profit’ funds and trustees are overly represented in those that are performing poorly. The following is based on an…
The Full Federal Court has upheld a decision that the proposed sale, by a State-owned corporation, of the freehold interests in 4 lots, under a single contract, would NOT be a single supply for the purposes of the margin scheme, and thus allowed the relevant margin scheme provisions, to apply favourably (or not) on a…
The ATO issued an updated version of PCG 2018/9 on 22 December 2022. This guidance sets out a transitional compliance approach for companies that treated themselves as foreign residents on the basis of withdrawn TR 2004/15 but qualify as residents under the replacement ruling, TR 2018/5, due to their central management and control being in Australia. In…
The age from which taxpayers can use the ‘downsizer’ superannuation concession has been reduced to 55, with effect from 1 January 2023. The measure was implemented by the Treasury Laws Amendment (2022 Measures No 2) Act 2022. People previously needed to be 60 or older to be eligible and, before that, it was 65. There is no maximum age…
The Treasurer has issued a media release advising that penalties for investors who break foreign investment laws for residential property have been doubled, with effect from 1 January 2023. Under Australia’s foreign investment framework, foreign persons seeking to purchase residential real estate in Australia generally need to apply for foreign investment approval. This applies to new dwellings,…
Hildard Pty Ltd v Chief Commissioner of State Revenue TAXES AND DUTIES — Dutiable transactions — Dutiable property — Declaration of trust – The duties assessment in respect of the declaration of trust is confirmed. [2023] NSWCATAD 5 (09 January 2023) (S E Frost, Senior Member) Wang v Costa Holdings Pty Ltd Review of…
SNSV v Commissioner of Taxation – carried on a business TAXATION – allocation of matters to Small Business Taxation Division – where applicant denied he carried on a business – whether a “small business taxation decision” – matter allocated to Taxation and Commercial Division [2022] AATA 4047 (29 November 2022); Senior Member R Olding …
T a x T e c h n i c a l – M o n t h l y N e w s – January 2023 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 ______________________________________________________________________________ …
Domestic Property Developments Pty Ltd as trustee for the Dals Property Trust v Commissioner of Taxation – GST ‘new residential premises’ TAXATION – GOODS AND SERVICES TAX – where residential premises leased then made available for either leasing or sale – whether premises are “new residential premises” – whether “excess GST” passed on to buyer…