On Monday 5 Nov 2018, the NSW Treasurer announced that NSW will be the first state or territory in Australia to index Stamp Duty brackets to Consumer Price Index (CPI) guaranteeing everyone in the housing market a fairer deal on future property transactions. He said: “We haven’t seen any significant action on Stamp Duty brackets…
The Federal Court has granted the Commissioner an interim injunction to restrain an alleged promoter of an illegal early release scheme from being involved in the establishment of self-managed superannuation funds (SMSFs) and directed that the Commissioner be allowed to serve notice of these proceedings, on the Respondent: Ms Pavihi, by email, as she was…
In this case, the AAT decided that the terms of a Settlement Deed, which the trustee and the Commissioner executed, prevented the trustee objecting and precluded the AAT reviewing the assessments issued in accordance with that Deed. The taxpayer was the trustee of a family trust. There had been ongoing disputes, audits and negotiations regarding…
On Friday 2 November 2018, the Treasurer released there Government’s final response to the review of the Petroleum Rent Resource Tax (PRRT), commenced in 2016 and conducted by economist: Mike Callaghan. He also issued a Media Release, summarising the result. The PRRT was introduced in 1988 by the Hawke-Keating Labor Government and represented a Federal version…
On Wed 31.10.2018, the ATO released Law Companion Ruling LCR 2018/8 on the recently enacted measure to extend the third party reporting regime to entities in the cleaning and courier industries. The law was amended under the Treasury Laws Amendment (Black Economy Taskforce Measures No. 1) Bill 2018, which became law on 3 October 2018. ABN…
On Wed 31 Oct 2018, the ATO issued Draft Tax Determination TD 2018/D6, which considers the interaction between the debt/equity rules and Australia’s transfer pricing rules. The Commissioner’s approach is that the debt/equity rules (in Div 974 of the ITAA97) cannot limit the operation of the transfer pricing rules( in Subdiv 815-B) – which appears…
On Wed 31.10.2018, the ATO issued Taxation Determination TD 2018/15 on the CGT consequences of granting an easement, profit à prendre or licence over an asset. In the Commissioner’s view, CGT-event D1 happens (under s104-35 of the ITAA97) when the right is created, rather than it being a s104-10 CGT-event A1 for a partial disposal…
On Wed 31.10.2018, the ATO issued Taxation Ruling TR 2018/7 on employee remuneration trust (ERT) arrangements that operate outside the employee share scheme rules in Div 83A of ITAA97 (which includes beneficial interests in employer shares held through trusts). The Ruling finalises draft Taxation Ruling TR 2017/D5. This ruling is about arrangements established to facilitate the provision of…
In a media released Wed 31.10.2018, the Assistant Treasurer, Stuart Robert, said the Government will defer, to 1 July 2022, the start date for superannuation funds to offer a Comprehensive Income Product for Retirement (CIPR). In addition, the Government will increase the threshold superannuation balance for offering a CIPR from $50,000 to $100,000. INNOVATIVE INCOME STREAMS: Mr Robert…
On 30 Oct 2018, the Government has announced that it will amend the superannuation tax law to address some minor, but important issues, as part of the ongoing implementation of the July 2017 super reforms. In a speech to the Alliance for a Fairer Retirement System, the Assistant Treasurer, Stuart Robert, said the new measures will: Market-linked…