The Budget Measures Bill 2017 (SA) was passed by the SA House of Assembly on 10 August 2017 with 10 Government amendments and now moves to the Legislative Council. The amendments concern the foreign ownership surcharge. Where a resident person or trust acquires an interest in land only to later become a foreign person or trust within…
The Federal Court has dismissed an appeal concerning the termination of a tax agent and a related tax agent company. Previously, the AAT had affirmed the Tax Practitioners Board decision to terminate the tax agent’s registration and the registration of a company with whom he was related. The Board did so under s40-15(1)(b) of the…
On 10.8.17, ASIC announced that it had disqualified Mr R of New South Wales from being an approved self-managed superannuation fund (SMSF) auditor for auditing the SMSF of a close family member. ASIC determined that Mr R had breached fundamental independence and audit requirements. Given the nature of these breaches, it was considered appropriate to disqualify…
On 10.8.17, the Treasurer issued a press release welcoming New Zealand’s decision to join Australia in tackling multinational tax avoidance. He said: Australia is a strong advocate for all jurisdictions to adopt these measures. New Zealand will take action against multinationals that use artificial arrangements to avoid having a taxable presence in New Zealand. In addition to…
On Wed 9.8.2017, the ATO issued Product Ruling PR 2017/9 (OnePath Life – OneCare Policy – Life Cover, Total and Permanent Disability Cover and/or Trauma Cover). It provides that: the monthly payment of insurance benefits in accordance with the “instalment benefit payment type” is not assessable income of the recipient (the policy owner or a nominated…
The report of the Senate Economics Legislation Committee on the Treasury Laws Amendment (2017 Enterprise Incentives No 2) Bill 2017 was tabled on Tue 8.8.2017. The Committee recommended the Bill be passed. The Bill had previously passed the House of Reps without amendment and is before the Senate. The Bill proposes to amend the Corporations Act…
On Wed 9.8.2017, the High Court unanimously held that the taxpayer, Mr Jayasinghe, was not entitled to exemption from taxation in the income years ended 30 June 2010 and 30 June 2011, as he was not a person who held an office in an international organisation within the meaning of s 6(1)(d)(i) of the International Organisations (Privileges…
On Wed 9.8.2017, the ATO released Draft SAM 2017/D1 – GST: Simplified Accounting Methods Determination 2017 for Food Retailers – Business Norms, Stock Purchases and Snapshot Methods. This is made under s123-5(1) of the GST Act (providing for simplified methods of accounting). It allows eligible food retailers a sampled method of calculating their net GST by…
The NSW Civil and Administrative Tribunal has confirmed payroll tax assessments issued under the employment agency provisions of the Payroll Tax Act 2007 (NSW). The taxpayer operated a security services business, part of which involved the provision of security guards to clients. The taxpayer employed its own security staff and also engaged sub-contractors to obtain…
The NSW Court of Appeal has allowed the Comr of State Revenue’s appeal and overturned a Supreme Court decision that a retrospective disclaimer by a beneficiary of his rights under a discretionary trust meant that the trust was not grouped, for payroll tax purposes, with other entities controlled by the beneficiary: A company had failed…
