John Morgan is a tax specialist lawyer of more than three decades experience now practicing at the Victorian Bar - w: www.FJMtax.com e: f.john.morgan@vicbar.com.au

Hill v Zuda – High Court confirms that SISR formalities, for BDBNs do not apply to SMSFs – whilst also clarifying ‘comity’ obligations between different jurisdictions

The High Court has dismissed an appeal from the WA Court of Appeal and ruled that reg 6.17A of the SIS Regs does not apply to self-managed superannuation fund (SMSFs), and therefore clauses in an SMSF’s deed operated as a binding death benefit nomination (BDBN). In the process the High Court made it clear the…

Hill v Zuda – High Court confirms SISR 6.17A does not prescribe BDBN standards on SMSFs (and comments on following sister court ‘dicta’)

On 15 June 2022, the High Court unanimously dismissed an appeal from a decision of the Court of Appeal of the Supreme Court of Western Australia concerning the operation of reg 6.17A of the Superannuation Industry (Supervision) Regulations 1994 (Cth) [SISR]. That regulation relevantly prescribed standards for how a member of a regulated superannuation fund is…

Commonwealth of Australia v Kupang Resources Pty Ltd – NSWCA rejects Administrator’s application to require ATO to disclose ‘protected information’

The NSW Court of Appeal has held that the Commonwealth (in effect the ATO) was not required to disclose protected information to a company (with Administrator appointed) was suing the Commonwealth to recover money paid by a shadow director to satisfy his tax debts in breach of his fiduciary duties which the Administrator alleged the…

JMC Pty Limited v CofT – Lecturer an “employee” for Super Guarantee purposes – both ‘ordinary’ and ‘extended’ meanings

The Federal Court has ruled that a lecturer engaged by a company to provide higher education courses was an “employee” for Super Guarantee purposes, and not an independent contractor, as his right to sub-contract the teaching services was limited and required consent. This case considers the ordinary meaning of ’employee’ issues recently decided by the…

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

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

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 ______________________________________________________________________________ COMPILING…

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

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…