T a x T e c h n i c a l – M o n t h l y N e w s – December 2021 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 ______________________________________________________________________________ …
A taxpayer that paid excess GST because it treated GST-free supplies as taxable supplies was not entitled to a refund. The facts were these. The taxpayer supplied and administered cosmetic injectables. During the periods from 1 April 2016 to 31 March 2019, it accounted for GST on the supplies as if they were wholly taxable. In fact, the supplies…
The Treasury Laws Amendment (2021 Measures No 5) Bill 2021 has been passed by the Senate on Wed 1.12.2021. The Bill was introduced on 24 June 2021 and includes: reforms to the Australian Screen Production Incentive (“ASPI”); and consequential matters arising from the corporate insolvency reforms. It also makes what the EM describes as a “number of…
The Corporations Amendment (Meetings and Documents) Bill 2021 was passed by the House of Reps on 29 November, with an amendment introducing a sunset clause for the virtual meeting measures. The Bill will make permanent some of the company administration related measures that were implemented to accommodate COVID-19 related lockdown restrictions. However, the amendment provides that…
On Tues 30.11.2021, the TPB issued a news article announcing its new continuing professional education (“CPE”) policy which takes effect 1 July 2022 (ie next year). This new policy is the final outcome following submissions from the TPB’s consultation back in February 2021. Key changes include the following. Tax agents should complete a minimum of 120 hours of CPE…
Effective Monday 29 November 2021, the ATO’s Review and Dispute Resolution group was split into two: a) Objections and Review, headed by Deputy Commissioner Andrew Orme; and b) Litigation and Legal Services, headed by Acting Deputy Chief Tax Counsel Fiona Knight, reporting to Chief Tax Counsel Fiona Dillon. ATO Organisational Structure See…
I’ve just attended the Victorian Bar (Commercial Bar Association) seminar on statutory unconcionability (under s21 of the Australian Consumer Law and s12CC of the ASIC Act). I’ve attached the slide pack from the seminar and some seminal extracts. The main thrust of this seminar is that statutory unconcionability has now clearly thrown off the special…
The Senate has disallowed the Australian Charities and Not-for-profits Commission Amendment (2021 Measures No 2) Regulations 2021 after passing a disallowance motion moved by Senator Rex Patrick on 25 November 2021. This was because the new regulation exposed charities to deregistration, for advocacy – involving civil disobedience, even in pursuit of their charitable objects. The amending Regulations,…
On 25 Nov 2021, the Government introduced the Corporate Collective Investment Vehicle Framework and Other Measures Bill 2021, into the Federal Parliament (the Lower House). Though it would also extend the ‘loss carry back’ provisions; remove a deferred taxing point for ESSs; and insert a ‘Retirement Income Covenant’ for non-SMSF super funds (see related TT article),…
On 25 Nov 2021, the Government introduced theCorporate Collective Investment Vehicle Framework and Other Measures Bill 2021, into the Federal Parliament (the Lower House) which includes the long awaited ‘Retirement Income Covenant’ amendments for non-SMSF super funds. These amendments aim to supplement existing trustee investment strategy obligations on the accumulation phase so there are obligations that…