The Senate Standing Committee on Community Affairs took the unusual step of making public the responses of a number of parties, to its questions on notice about the legality of Centrelink’s ‘robodebt’ compliance program. This included sensitive emails, between the ATO and DHS/SA, which the ATO provided on 24 Jan 2020. See below for a…
On 5 February 2020, the Treasury Laws Amendment (Combating Illegal Phoenixing) Bill 2019 finally passed both houses of Parliament after the Lower House agreed to amendments by the opposition in the Senate, requiring a review of the operation of the Act in 5 years. See the Tax Technical article about this Bill being introduced into Parliament.…
The Government introduced the Treasury Laws Amendment (Reuniting More Superannuation) Bill 2020, into Parliament (the House of Reps) on Thur 6.2.2020. This proposes amendments to facilitate the closure of eligible rollover funds (ERFs) by 30 June 2021. On 13.12.2019, the Treasurer the Government would introduce this legislation (see related TT article). See below for a summary of this Bill.…
On Friday 7 February 2020, The Tax Institute’s Senior Tax Counsel: Bob Deutsch, published his weekly Report in the Institute’s TaxVine (#4), entitled “CUM-EX TRADES: Immoral, illegal or none of the above?”. This is an article about an EU problem of shareholders getting a double refund of underlying tax, from 2006 to 2011, worth the…
On 4 February 2020, the Federal Court (Steward J) handed down a judgement, that a taxpayer has been unsuccessful in arguing that a freezing, order over its assets, was discharged when substantive judgments were entered into over the disputed debt.
See below for a summary of the case.
On 6 February 2020, the AAT decided that certain of the taxpayer’s activities were not ‘core’ R&D activates, but rather normal prospecting. See below for a summary of the case. [Tax Month – February 2020] A coal mining company has failed to convince the AAT that certain activities designed to make extracting coal…
On Thursday 6.2.20, the Governor-General made the Income Tax Assessment Amendment (Exploration for Minerals) Regulations 2020 and one day later, they were registered on the Federal Register of Legislation and took effect – to increase the s418-103(1)(d) amount by $5m.
See below for an explanation of how this affects junior explorers.
T a x T e c h n i c a l – M o n t h l y N e w s – February 2020 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…
On 20 December 2019, The AAT has upheld assessments disallowing $122m in input tax credits claimed by a gold refining company in relation to a scheme involving the acquisition and refining of scrap gold (but the decision was not published until 22 January 2020).
See below for details.
On 22 January 2020, the Treasurer released a ‘Proposal Paper’ on extending the Banking Executive Accountability Regime (BEAR) to all APRA-regulated entities (including superannuation RSE licensees), as recommended by the Banking Royal Commission – recommendation 3.9).
See below for details.