On 12.10.21, the Premier of Victoria issued a media release extending and modifying previously announced measures to encourage investment in rental properties. Eligible Build-to-Rent developments completed and operational between 1 January 2021 and 31 December 2031 will receive both the 50% land tax discount and full exemption from the Absentee Owner Surcharge (AOS) for up to 30 years from…
BoT review of GST on low-value imported goods On 5 July 2021, the Federal Government announced that the BoT would undertake a review of the application of GST to low-value imported goods; rules that have been in place since 1 July 2018. Consultations took place in August and September of this year and the…
Bruce Collins – Tax Controversy Partners Recent developments in payroll tax in some Australian jurisdictions have raised serious issues for medical practitioners which may result in medical practice operating entities becoming liable for greater payroll tax based on various payments made to the medical practitioners themselves being included in the relevant payroll tax thresholds…
The Senate Select Committee on Australia as a Technology and Financial Centre delivered its third and final report on 20 October 2021. The Committee took evidence from businesses, industry groups, academics and regulators in relation to the regulation of digital assets in Australia, “de-banking” practices affecting Australian FinTechs and other businesses, and several other issues relating to Australia’s…
The Commissioner has appealed to the Federal Court from the AAT decision in STNK and FCT [2021] AATA 3399. The Taxpayer lost the substantive part of the review, but the Tribunal found that the ‘anti-avoidance’ provisions in Div 165 of the GST Act did not apply. It is this aspect of the case that the…
The ACNC has said that it will not be appealing against an AAT decision last month confirming that Global Citizen Ltd is entitled to be registered as a charity under the public benevolent institution (“PBI”) subtype. Global Citizen was registered as a charity under the advancing education subtype, but it wanted to be registered under…
Once again the ATO has extended – this time from 30 June 2021 to 30 June 2022 – the application of the “shortcut” rate set out in Practical Compliance Guideline PCG 2020/3 for claiming work-from-home running expenses. The latest extension means eligible taxpayers can claim additional running expenses incurred between 1 March 2020 and 30 June 2022 at the rate of $0.80 per work hour,…
A taxpayer has failed to satisfy the AAT that various bank deposits totalling almost $853,000 over a 3-year period were not assessable income. The taxpayer had interests in various businesses operated through 3 companies, including a café, a bar and restaurant, a boat importing business and a tyre franchise. An audit of the taxpayer disclosed unexplained…
The Federal Court has ordered Colonial First State Investments Limited (FirstState) to pay a civil penalty of $20 million for misleading members in relation to MySuper. FirstState’s conduct was the subject of a case study by the Banking Royal Commission. The Court previously declared CFSIL, as trustee for the Colonial First State FirstChoice Superannuation Trust,…
ASIC has today issued a notice and guidance to help listed entities comply with their new obligation to disclose information about Jobkeeper payments to the market. New Jobkeeper obligations commenced on 14 September 2021, requiring all listed entities that received Jobkeeper payments to give a notice to the relevant market operator outlining: the listed entity’s…
