The Government is seeking stakeholder views on exposure draft legislation that increases the rights of small businesses to contest the ATO’s collection of disputed tax debts in the AAT. In the 2021‑22 Budget the Government announced that it would extend the power of the Administrative Appeals Tribunal (AAT) to pause or modify ATO debt recovery action…
In the beginning of December 2021, the Federal Court has ruled that certain assets of two undischarged bankrupts were not held in their self-managed super fund (SMSF) so that the assets were divisible among the creditors of their bankrupt estates. I note this is a long judgement (751 paragraphs) covering many issues. The facts were…
Late last year (24.12.21) the AAT agreed with the Commissioner, that a promotional makeup artist, who worked for a cosmetic company, as a contractor, was not carrying on a business, and was therefore not eligible to receive JobKeeper payments. This is another, in the flurry of JobKeeper cases, coming out late last month (Dec 2021). The…
The AAT has held that a plumber was an “employee” pursuant to the extended meaning of that term in s 12(3) of the Superannuation Guarantee (Administration) Act 1992 (SGAA) for a person working under a contract – wholly or principally for labour. The facts were these. The taxpayer conducted a business selling and installing cooling and…
The AAT has confirmed that the value assigned by a taxpayer for the purposes of the pre-1 July 2000 margin scheme provisions was $22m as the taxpayer contended (not the $8.1m contended by the ATO) because it was the product of an “approved valuation” (which discounted from actual sales and costs figures, rather than projected…
In late December 2021, the AAT upheld amendments made out of time on the basis of ‘fraud or evasion’ against a husband, but allowed the appeal of the wife, on the evidence that she was a ‘stay at home mother’ and the unexplained deposits in her accounts beloved to her husband. It upheld penalties of…
Late in December 2021, the AAT decided that the operator of a small gardening business was not entitled to JobKeeper because he got he reregistered for an ABN on 5 Feb 2020 (before 12 march 2020, per r11(6)) had not made a taxable supply as required by r11(8) – for the quarter ended 21 Dec 2019…
Treasury has released exposure draft legislation and a consultation paper proposing changes to the regulatory framework for certain employee share schemes. The changes are intended to make it easier for businesses to create employee share schemes and seek to implement the Government’s 2021-22 Budget proposals. It should be noted that there are no changes to any…
Treasury has released the Treasury Laws Amendment (Miscellaneous Amendments) Rules 2021 (the “Amending Rules”) which make technical amendments to the JobKeeper rules [Federal Register of Legislation – F2020L00419] including a power to pay amounts after 31 March this year. As originally drafted, the Commissioner was unable to make any JobKeeper payments after 31 March 2022 regardless of circumstance. This applied…
The OECD has released detailed rules to assist countries to implement the second of a ‘two pillar’ reform of the international tax rules (addressing ‘digitalisation’ of the economy) – that is: ‘Pillar Two’. This 15% minimum global tax regime was agreed, in October 2021, by 137 countries and jurisdictions under the OECD/G20 Inclusive Framework on BEPS.…