Treasury Laws Amendment (2020 Measures No. 1) Bill 2020 introduced to broaden ‘Significant Global Entity’ (SGE) definition and ‘merger’ of superannuation fund gain and loss rollover

On 14 May 2020, the Treasury Laws Amendment (2020 Measures No 1) Bill 2020  passed both Houses of Parliament – having been introduced on 12 October 2020, and stalled in the Lower House on 4 March 2020. It broadens the definition of significant global entity (SGE) in the ITAA 1997 so that it applies to…

JobKeeper work related disputes about first payment; and direction to take annual leave – recent FWC decisions

The Fair Work Commission (FWC) has noted the outcome of the following recent JobKeeper dispute decisions dealt with under Pt 6-4C of the Fair Work Act 2009, which enables employers to issue “JobKeeper enabling directions” to employees about their hours of work, performance of duties and location of work. See below for a summary. [Tax Month…

The Tax Institute – New Appointment: Andrew Mills – Director, Tax Policy and Technical (Ex Greenwoods & Freehills and ATO)

On Thursday 14 May 2020, The Tax Institute’s Chief Executive Officer: Giles Hurst, wrote an ‘open letter’ to Institute members advising they’d hired the widely known, and respected, Andrew Mills, as ‘Director, Tax Policy and Technical – just after he finished his term as a Second Commissioner, at the ATO, in charge of its ‘law…

Tax Month – May 2020

T a x  T e c h n i c a l  –  M o n t h l y  N e w s – May 2020 Edition – Tax developments for tax practitioners by a tax practitioner.   Compiled by F John Morgan A member of the Victorian Bar (www.FJMtax.com) Table of Contents ______________________________________________________________________________  …

JobKeeper – Alternative ‘decline in turnover’ tests for 7 situations – made by ATO ‘determination’ under the Act (the gift that keeps on giving…)

On Friday 1 May 2020, the Tax Institute’s Senior Chief Tax Counsel: Bob Deutsch published an article in their weekly tax newsletter TaxVine, entitled: JobKeeper – the gift that keeps on giving! It is about the made a determination (“the Determination”) the Commissioner made, under section 20(4) of the Coronavirus Economic Response Package (Payments and Benefits) Act 2020,…

Wareham v Marsella – SMSF dispute over trusteeship and death benefit – adult daughter of previous marriage distributes to herself but removed by ‘new’ husband of 30 years

On 20 April 2020, the Victorian Court of Appeal dismissed an appeal by the trustees of a self-managed super fund (SMSF), and upheld the decision setting aside their payment of a death benefit entirely to the surviving trustee, following the death of the sole member of the fund. See below for a summary of the case. [Tax…

Donkin & Ors v CofT – Beneficiaries assessable on increase in net income of trust (despite the ‘moving target’ style of trust distribution resolution)

On 22.4.20, a 10.12.19 decision of the AAT was published, deciding that the beneficiaries of a trust, who had received distributions, were assessable on the increase in the tax law ‘net income’ of the trust, resulting from deductions for various expenses being disallowed. See below for a summary of the case. [Tax Month – April…

COVID-19 early release of super: APRA data on first week (600k applications and $1.3b) and PM’s 1.5.20 report (950k applications with $7.9b total)

On Monday 4 May 2020, APRA released a data report on COVID-19 early release of superannuation applications received by funds in the week from 20 April – 26 April 2020. This covered the number of applications, the time to process them and the total amount paid.

See below for the further details.

[Tax Month – April 2020]