Author Archives: John Morgan

Coronavirus economic response – 8 Bills passed by Parliament, with 11 Government Amendments and 1 Senate Amendment await Assent

Parliament passed the Government’s Coronavirus Economic Response Package of Bills on the night they were introduced (23.3.20) – see related TT article – with 11 Government amendments and 1 Senate amendment. They now await Royal Assent. The package of Bills implement aspects of the Government’s economic stimulus package announced between 12 March and 22 March 2020 (see related TT…

Government’s Coronavirus economic response – 8 Bills introduced on Monday 23 March 2020

Legislation to implement the Government’s Coronavirus Economic Response Package was introduced in the House of Representatives on Mon 23.3.2020.This package of Bills seek to urgently implement aspects of the Government’s economic stimulus package originally announced on 12 March 2020, and followed up on 22 March 2020 with a second package containing $66.1bn of measures (see related TT article). Also,…

Debt collection relief in the Government’s 2nd tranche Coronavirus support package – useful but not all the ATO’s collection powers are curtailed (see PP comment)

The Government’s 22 March 2020 Coronavirus 2nd tranche support package (see related TT article) included a number of material measures relevant to the insolvency industry. Pitcher Partners’ insolvency practice put out ‘Critical Point Network’ Bulletin, entitled Proposed immediate insolvency measures announced by the Government, which offers some more detail and provide comment. They go through the general…

Douglas v CofT – Lump sum arrears of disability pay a tax-free superannuation lump sum

On 13 March 2020, the Deputy President Logan, in the Administrative Appeals Tribunal (AAT) decided that A lump sum payment in arrears of invalidity pay was a superannuation lump sum and a disability superannuation benefit and thus not assessable as ordinary income.

See below for details.

[Tax Month – March 2020]

 

SMSF Regulator’s Bulletin SMSFRB 2020/1 – SMSFs undertaking property developments: ATO flags concerns and lists a welter of tax and regulatory implications

On 13 March 2020, the Commissioner issued a SMSF Regulator’s Bulletin SMSFRB 2020/1, setting out the ATO’s concerns about self-managed superannuation funds (SMSFs) entering into certain arrangements, with related or unrelated parties, involving the purchase and development of real property for subsequent disposal or leasing. See below for further detail. [Tax Month – March 2020]…

MyGovID: SHORT TERM PAIN – 6 steps, 6 problems and no extensions for changeover (27 March 2020 is the end of the old system)

On 20 March 2020, the Tax Institute’s weekly tax bulletin: TaxVine (No. 10), their Senior Tax Counsel’s Report, Bob Deutsch wrote and article entitled: MyGovID: SHORT TERM PAIN, LONG TERM GAIN.

See below for further detail.

[Tax Month – March 2020]

WA Duty: Commissioner of State Revenue v Rojoda Pty Ltd – High Court analyses the rights of partners and held two remedial deeds dutiable as declaring trusts different to those the former partners had previously enjoyed

On 18 March 2020, the High Court decided (by majority of 4 to 1) that two deeds remedial deeds, that sorted out partnership interests in land, after one of 2 joint trustees died and one of 5 partners died, were dutiable because the created fixed interests, which were different from their former  interests as partners…

TR 2001/13 Addendum – update to interpretation of Double Tax Agreements (DTAs) – for MLI, case law, income and capital commentary and ‘source’ rules applying as a ‘sword’ (not just a ‘shield’)

On Wed 18.3.2020, the ATO issued an Addendum to Taxation Ruling TR 2001/13, its ruling on interpreting Australia’s double tax agreements.

See below for a summary of the ruling and update.

[Tax Month – March 2020]

SWPD v CofT – long-term owner of largely native forest, who had not harvested any trees, held to be ‘carrying on a business’ and entitled to small business CGT relief

On 18 March 2020, the Administrative Appeals Tribunal (AAT) decided that A taxpayer who owned land containing native forest that was not harvested during his 24-year period of ownership was carrying on a business and therefore able to utilise the CGT small business concessions. See below for a summary of the case. [Tax Month – March…