Treasury Laws Amendment (2019 Measures No 3) Bill 2019 – ATO guidance on commuting a market linked pension which is a capped defined benefit income stream ($1.6m Transfer Balance Account)

On Friday 19 June 2020, the ATO posted this guide on the application of the Treasury Laws Amendment (2019 Measures No 3) Bill 2019, which recently passed into law and provides a new way of calculating the debit, which arises in an individual’s transfer balance account when a member commutes a market linked pension which is…

ATO whistleblower documents re garnishee notices (2017 disclosure of ATO officer Boyle) – Senate Committee gives update report

On Thursday 18/6/2020, the Senate Economics Legislation Committee reported to the Chamber about its order on 18 September 2019 for the Commissioner of Taxation to provide the Committee with all documents relating to the whistleblower disclosure by former ATO employee, Mr Richard Boyle.

See below for further detail.

[Tax Month – June 2020]

GST withholding obligations, for purchasers of certain land – 30 June 2020 deadline for grandfathering of supplies under pre-1 July 2018 that haven’t settled by then

GST withholding obligations (by purchasers) have applied to the supply of certain land, since 1 July 2018, but pre-1 July 2018 contracts could now come within the net, as part of the transitional rules (‘grandfathering’ provisions) expires on 30 June 2020. On 4 June 2020, the Law Institute of Victoria warned their members, about this…

‘Employee Share Scheme’ tax rules are too complicated – Law Council at Parliamentary Committee Public Hearings

The House of Reps Standing Committee on Tax and Revenue conducted a public hearing on Thursday 4.6.2020, as part of its inquiry into the tax treatment of employee share schemes (ESS). The Committee heard from Treasury officials and the Law Council of Australia, represented by Mr Andrew Clements. See below for further details. [Tax Month…

‘HomeBuilder’ program announced – $25,000 to build new homes or substantial renovations – open from 4 June to 31 December 2020

Consistent with the ‘JobSeeker’, ‘JobKeeper’ lingo, on Thursday 4.6.20, the Government announced their ‘HomeBuilder’ $25,000 cash grant scheme for building houses and renovating existing dwellings – designed to support the building industry, in the latter part of this calendar year.

See below for further details.

[Tax Month – June 2020]