TPB review of CPE including a proposal to increase the hours required by over 30% – submissions due 18 March 2020

On 19 February 2020, the Tax Practitioners Board (TPB) issued a Discussion Paper seeking feed back, by 18 March 2020, on its proposals to change the ‘continuing professional education’ (CPE) tax agents and BAS agents (amongst others) including a proposal to increase the number of hours required, by over 30%. See below for further detail.…

Treasury Laws Amendment (Combating Illegal Phoenixing) Bill 2019 receives Royal Assent (on 17.2.20)

On 17 February 2020, the Treasury Laws Amendment (Combating Illegal Phoenixing) Bill 2019 received Royal Assent as Act No 6 of 2020 (Treasury Laws Amendment (Combating Illegal Phoenixing) Act 2020). The Bill had been introduced into Parliament on 27.11.19 (see related TT article). See below for a summary of the amendments it makes. [Tax Month…

Moltoni v CofT – Commissioner’s refusal to revoke DPO upheld – taxpayer bankrupted over $36m tax liability arising from him being personally assessed on a $21m payment from a company the infamous Mr Oswal controlled to a BVI company the taxpayer controlled

On 11 February 2020, the AAT upheld the Commissioner’s decision refusing to revoke a ‘Departure Prohibition Order’ (DPO) imposed because he was assessed to tax resulting in $36m in tax liabilities, related to Mr Oswal, who departed from Australia, with substantial funds shortly before an ammonia plant, he ran, collapsed in Western Australia. See below…

Payroll Tax (Vic) – Optical Superstore – High Court refuses leave to appeal the Commissioner’s win in Victorian Supreme Court Court of Appeal

The Victorian Supreme Court Court of Appeal had overturned the taxpayer’s win at first instance, and the High Court has refused the taxpayer’s application for special leave to appeal in Comr of State Revenue v The Optical Superstore Pty Ltd : [2019] VSCA 197.

See below for further detail.

[Tax Month – February 2020]

CofT v Travelex Limited – in a test case the FFC held that taxpayer was entitled to interest on the refund of overpaid GST – back to 2009 rather than 2012 under the detail in the RBA provisions

On 14 February 2020, the Full Federal Court (Kenny, Derrington and Steward JJ) dismissed the Commissioner’s appeal against a 2018 decision concerning the payment of interest on a RBA surplus that arose where the taxpayer had overstated its GST liability.

See below for a summary of the case.

[Tax Month – February 2020]

 

Coal of Queensland Pty Ltd v Innovation and Science Australia – R&D – surveys and drilling activities by coal miner were ‘ prospecting, exploring or drilling for minerals’ and not ‘core R&D activities’ under s355-25(2)(b)

On 6 February 2020, the AAT affirmed the Innovation and Science Australia decision that a coal mining drilling and survey activities were ‘prospecting, exploring or drilling for minerals’ and therefore carved out of definition of ‘core R&D activities, under s355-25(2)(b) of the ITAA97. See below for a summary of the case. [Tax Month – February…