T a x T e c h n i c a l – M o n t h l y N e w s – December 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 Friday 13 Nov 2020, The Tax Institute’s Senior Advocate, Robyn Jacobson, CTA, discussed the new JobMaker program announced in the Federal Budget 2020–21 – in the Institute’s weekly email: TaxVine (No. 44, 13.11.20). [I have, made some editorial comments, to supplement Robyn’s excellent discussion.]
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On 30 Oct 2020, the AAT determined that a taxpayer was unable to show that certain R&D activities were core R&D activities for income tax purposes, as there was no relevant contemporaneous documentation to establish that any relevant hypothesis had been developed or tested.
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On 30 October 2020, the AAT has held that a company was entitled to claim an input tax credit for an acquisition that was made before it was put into administration, even though the related tax invoice had been paid by the administrator.
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The COVID-19 pandemic is raising some interesting questions for small business employers in relation to their Fringe Benefit Tax (FBT) liabilities. They are interesting to survey.
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T a x T e c h n i c a l – M o n t h l y N e w s – November 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 21 October 2020, Treasury has released exposure draft legislation and regulations proposing minor and technical amendments to certain tax, superannuation and corporations laws. The formal purpose of the amendments is “to ensure the law operates as intended by correcting technical or drafting defects, removing anomalies and addressing unintended outcomes”. See below for further details.…
Going back to the days when, then Treasurer: Joe Hockey spectacularly forced some foreign purchasers to divest themselves of trophy homes, bought in breach of FIRB regulations, the ATO took over policing this area and it has released two ‘insights’ documents covering the transaction types and sizes – one over each of the 2017-18 and…
12 Oct 2020 – As part of the ongoing work to develop a solution to the tax challenges of the digitalisation of the economy, the OECD/G20 Inclusive Framework on BEPS is seeking public comments on the Reports on the Pillar One and Pillar Two Blueprints.
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The Treasury Laws Amendment (2020 Measures No 4) Bill 2020 was introduced into the House of Reps on 28 October 2020. It contains measures to render certain regulatory refunds, to electricity retailers, of a shortfall charge paid, in lieu of surrendering ‘large-scale generation certificates’, non-assessable and non-exempt (NANE). It also has measures to assist in the transition…