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’…
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…
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…
On Monday 22.11.2021, the Inspector-General of Taxation and Taxation Ombudsman (IGTO) has today released a brief history of the Taxpayers’ Charter. The paper is intended to serve as a thought leadership document to encourage feedback and recommendations from stakeholders about how the Charter could be improved. The history of the Charter highlights: the importance of the role…
The AAT, recently, upheld the penalties imposed on an SMSF for borrowing funds in contravention of s 67(1) of the SIS Act – for borrowing from a member, and not rectifying it, for over 3 years. The facts were these. Sometime in 2015, one of the members of the SMSF borrowed $220,000 from a bank which…
On Monday 22 Nov 2021, the Full Federal Court has held that Virgin Airlines provided car parking fringe benefits to its flight and cabin crew at Sydney, Brisbane or Perth airports, thus allowing the ATO’s appeal. Virgin contracted with owners of car parks adjacent to the Sydney, Brisbane and Perth airports to procure parking spaces…
On Tues 23.11.21, the President of the Victorian Bar, sent an email to members advising them of a new vaccination mandate applicable in Victoria. From this coming Friday (26.11.21) most workers, including the self-employed, must work from their ordinary residences, unless fully vaccinated. There is an exception for work in connection with proceedings in a court,…
The Electronic Transactions Amendment (Remote Witnessing) Bill 2021 (NSW) has been passed by both House of NSW Parliament and awaits assent. Attorney General Mark Speakman said the Bill amends the Electronic Transactions Act 2000 (NSW) to permanently allow documents to be witnessed in real time over an audio-visual link (AVL). Documents that may be witnessed by audio…
Lawyers accuse ATO of threats over privilege claims AFR article (posted 18.11.21) – Michael Pelly, Legal Editor [I thank Mr Pelly, for his interest in this subject and have made some editorial comments, below – in square brackets and italics] Victorian lawyers have broken ranks with the peak body for the profession to…
It’s true the rules of our superannuation system always seem to be changing and this year is no different. Just when you think you’ve got all the rules and eligibility ages sorted out, they change again. This year is a big one for superannuation fund members, as the caps for contributions have been lifted for…
