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

Virtual meetings and electronic communication Bill passes House, with amendments

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…

ATO ‘Organisational Structure’ (29.11.21) – including division of ‘Review and Dispute Resolution’ into two

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…

Statutory ‘unconcionability’ – does it apply to the ATO (just putting it out there…)?

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…

ACNC regulation disallowed in Senate – because it exposed charities to deregistration for lobbying (if it involved civil disobedience)

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,…

The Bill introducing a ‘corporate’ vehicle for existing AMIT flow through tax – more internationally recognisable than our predominant ‘trust’ structure (minus the other amendments…)

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),…

New CCIV Bill also introduces the ‘Retirement Income Covenant’ amendments for non-SMSF Super Funds

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…

Bill introducing a new ‘Corporate collective investment vehicle’ regime (with flow through tax treatment) and also loss carry back, ESS, retirement income covenant and DGR changes

On 25 Nov 2021, the Government introduced theCorporate Collective Investment Vehicle Framework and Other Measures Bill 2021, into the Federal Parliament (the Lower House). Its centrepiece is a new ‘Corporate Collective Investment Vehicle’ which will have a ‘flow through’ tax regime, piggy backing on the AMIT regime. It will also extend the ‘loss carry back’…

Sanderson v CofT – Australian based in Malaysia an Australian tax ‘resident’ and thus assessable on receipts found to be foreign source income

The AAT has decided that an Australian citizen who was based in Malaysia but visited his family in Australia 11 times in the 2015-16 income year, staying a total of 83 days, was an Australian tax resident for that year. The case involved some payments from foreign companies, which the Commissioner wanted to assess, but…

ATO draft ‘Legal Professional Privilege ‘Protocol’ for claiming privilege (‘overreach’ or not) – LCA Submission

On 19 November 2021, the Law Council of Australia released the submission it made to the ATO about the draft it released, of its ‘protocol’ for taxpayers and/or their advisers, to claim ‘Legal Professional Privilege’ (LPP). The ATO invited feedback on the draft, which the LCA was giving. The draft Protocol was controversial for many…