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

The digital and crypto asset industry- Senate committee’a report makes recommendations including CGT and other tax changes

The Senate Select Committee on Australia as a Technology and Financial Centre delivered its third and final report on 20 October 2021. The Committee took evidence from businesses, industry groups, academics and regulators in relation to the regulation of digital assets in Australia, “de-banking” practices affecting Australian FinTechs and other businesses, and several other issues relating to Australia’s…

GST – Commissioner appeals the STNK gold refining case despite winning the substantive ‘GST-free’ refining issue (to establish Div 165 ‘anti-avoidance’ also)

The Commissioner has appealed to the Federal Court from the AAT decision in STNK and FCT [2021] AATA 3399. The Taxpayer lost the substantive part of the review, but the Tribunal found that the ‘anti-avoidance’ provisions in Div 165 of the GST Act did not apply. It is this aspect of the case that the…

Global Citizen case – ACNC won’t appeal AAT finding that it was entitled to be registered as a PBI case (entitled to deductible donations)

The ACNC has said that it will not be appealing against an AAT decision last month confirming that Global Citizen Ltd is entitled to be registered as a charity under the public benevolent institution (“PBI”) subtype. Global Citizen was registered as a charity under the advancing education subtype, but it wanted to be registered under…

PCG 2020/3 (updated) – Working from home deductions: “shortcut” 80c/hr rate now available in 2021-22

Once again the ATO has extended – this time from 30 June 2021 to 30 June 2022 – the application of the “shortcut” rate set out in Practical Compliance Guideline PCG 2020/3 for claiming work-from-home running expenses. The latest extension means eligible taxpayers can claim additional running expenses incurred between 1 March 2020 and 30 June 2022 at the rate of $0.80 per work hour,…

ASIC v Colonial First State Investments Limited – Super trustee hit with $20m penalty for misleading members

The Federal Court has ordered Colonial First State Investments Limited (FirstState) to pay a civil penalty of $20 million for misleading members in relation to MySuper. FirstState’s conduct was the subject of a case study by the Banking Royal Commission. The Court previously declared CFSIL, as trustee for the Colonial First State FirstChoice Superannuation Trust,…

Trust insolvency regime reform: Treasury consultation

On Friday 15.10.2021, our Federal Treasury released a consultation paper entitled Clarifying the application of corporate trusts in insolvency. Following insolvency reforms which came into effect on 1 January 2021, the Government is now exploring further insolvency reform where the treatment of trusts under corporate insolvency law has been identified as one area for improvement. The Government…

ASIC extends COVID-19 relief for financial advice – 20 days ‘Record of Advice’ extension now until 15 April 2022

ASIC has further extended its temporary COVID-19 relief for financial advice with the ASIC Corporations(Amendment) Instrument 2021/848. The Record of Advice (RoA) relief has been extended until 15 April 2022 to allow financial advisers to continue to provide a RoA, rather than a statement of advice (SoA), to existing clients requiring financial advice due to COVID-19. ASIC has…

Corporate insolvency reforms: draft regulations released

On 14.10.21, Treasury has released the Exposure Draft – Treasury Laws Amendment (Corporate Insolvency Reforms Consequentials) Regulations 2021 proposing to make consequential amendments to support the insolvency reforms that commenced on 1 January 2021. The corporate insolvency reforms support small businesses by reducing the costs of external administration and the compliance burden for insolvency practitioners. The purpose of the…