Cessnock Holden Central Pty Ltd v CofT – Company formed after 1 March 2020 did not qualify for JobKeeper payments

A company was denied ‘JobKeeper’ payments in respect of staff who transferred from another group company, despite ATO advice that a new employer can have ‘eligible employees’, but, the company was also a new company (part of a corporate restructure) and was not in existence, on the key 1 March 2020 date. See below, for…

Two maxims of tax policy: ‘tax luck but don’t tax hard work’ and ‘broad bases, low rates’ – what were they thinking Mr Breunig?

One basic maxim of tax policy is “tax luck but don’t tax hard work”. Another is “broad bases, low rates”. And yet we don’t. With that introduction the Director of the Tax and Transfer Institute (Crawford School, ANU) Robert Braunig, introduces a smorgasbord of the Institute’s latest offerings. See below for further details. [Tax Month –…

Tax Month – August 2021

T a x  T e c h n i c a l  –  M o n t h l y  N e w s – August 2021 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…

Clark v CofT – Extension of time to lodge objections refused because taxpayer had poor prospects of proving the deductions he sought to claim

A taxpayer has been refused an extension of time to lodge objections as he would have little prospect of success. See below for further details. [Tax Month – July 2021]     The Facts were these. The taxpayer’s duties required him to travel to, and stay overnight at, various locations in rural Queensland. He was…

A ’round-up’ of the Federal Legislative Tax Program as at 29 July 2021 – Acts, Bills, exposure drafts, consultations, reviews and ATO guidance

This article has a round-up the Federal Legislative Tax Program as at 29 July 2021 including Acts, Bills, exposure drafts, consultations, reviews and ATO guidance. See below for further details. [Tax Month – July 2021]     The attached round-up covers the following. Key Acts enacted prior to December 2020 Key Acts enacted since December…

ASIC v MobiSuper Pty Ltd & Ors – Court finds former super trustee failed to act efficiently, honestly and fairly (outsourcing and preventing misrepresentations)

The Federal Court has ruled that Tidswell Financial Services Ltd breached s 912A(1)(a) of the Corporations Act 2001 by failing to act efficiently, honestly and fairly when providing financial services under its AFS licence in relation to a super fund by outsourcing and failing to prevent misrepresentations. See below for further details. [Tax Month – July…

Corporate Superannuation accounts – ASIC alleges ‘fees for no service’ against against 6 AMP companies ($600k on 1,500 accounts)

ASIC has commenced civil penalty proceedings in the Federal Court against six companies that are, or were, part of the AMP Limited group, alleging these entities charged fees to 1,500 customers, for no service on corporate superannuation accounts, collecting over $600,000. See below for further details. [Tax Month – July 2021]     ASIC sues…

State & Territory Covid relief – ‘technical issues’ considered

There are technical questions that arise, for the NSW Covid lockdown relief (and for other States & Territories, with their equivalent benefits) – things like ‘aggregate annual turnover’; ‘decline in turnover’; ‘maintain employee headcount on 13.7.21’; ‘NSW weekly payroll’ and ‘total annual Australian wages’. There is guidance on this and it’s improving – but it’s…

Good summary of NSW COVID-19 support measures for businesses, sole traders and not-for-profit organisations (at 29.7.21) with links to Victorian & South Australian equivalent relief

There has been a quick succession of improvements in the level of, and eligibility for, COVID support packages for lockdown affected individuals and businesses – funded Federally, for individuals and jointly by the affected State/Territory and the Federal Government. The serious and extended lockdown in NSW, then a shorter one in Victoria (the two biggest…