Tax Month – June 2020

T a x  T e c h n i c a l  –  M o n t h l y  N e w s – June 2020 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 ______________________________________________________________________________  …

Foreign investment reforms proposed – stronger, more flexible ‘national interest test and enforcement (tax information sharing)

On Friday 5.6.2020, the Government announced major reforms to the Foreign Acquisitions and Takeovers Act 1975. The proposed changes deal with national security risks, strengthening compliance measures, streamlining approval processes and administrative enhancements. There is a specific Tax implication involved in this too. See below for further details. [Tax Month – June 2020]    …

Superannuation Legislation Amendment (2020 Measures No 1) Regulations 2020 – ‘work test’ pushed out 2 years and ‘spouse contributions’ explanded

On Friday 29.5.2020, the The Superannuation Legislation Amendment (2020 Measures No 1) Regulations 2020, was registered amending the SIS Regulations to allow people aged 65 and 66 (ie under age 67) to make voluntary superannuation contributions (both concessional and non-concessional) without meeting the work test.

See below for further details.

[Tax Month – May 2020]