On 3 April 2020, the Tax Institute’s weekly tax bulletin: TaxVine (No. 12), their Senior Tax Counsel’s Report, Bob Deutsch wrote and article entitled: EVEN MORE GOVERNMENT ASSISTANCE: The Good the Bad and the Ugly referring to the recently announced ‘JobKeeper’ $130b Tranche 3 COVID-19 stimulus/rescue package (see related TT article). See below for further…
On 30 March 2020 the Federal Government continued its tsunami of economic stimulus with the release of a $130b ‘JobKeeper Payment’ initiative. It is aimed at helping employers to retain their workforce, while navigating their way through the commercial disruption of COVID-19. Commencing 30 March 2020, the government will underwrite/reimburse businesses $1,500 each fortnight per…
Parliament passed the Government’s Coronavirus Economic Response Package of Bills on the night they were introduced (23.3.20) – see related TT article – with 11 Government amendments and 1 Senate amendment. They now await Royal Assent. The package of Bills implement aspects of the Government’s economic stimulus package announced between 12 March and 22 March 2020 (see related TT…
Legislation to implement the Government’s Coronavirus Economic Response Package was introduced in the House of Representatives on Mon 23.3.2020.This package of Bills seek to urgently implement aspects of the Government’s economic stimulus package originally announced on 12 March 2020, and followed up on 22 March 2020 with a second package containing $66.1bn of measures (see related TT article). Also,…
The Government’s 22 March 2020 Coronavirus 2nd tranche support package (see related TT article) included a number of material measures relevant to the insolvency industry. Pitcher Partners’ insolvency practice put out ‘Critical Point Network’ Bulletin, entitled Proposed immediate insolvency measures announced by the Government, which offers some more detail and provide comment. They go through the general…
On Sunday 22 March 2020, the Government announced an additional $66.1bn economic stimulus package in response to the coronavirus (COVID-19). This second package includes a $550 per fortnight supplement for job seekers (doubling the current payment), a further $750 stimulus payment for pensioners, cash flow payments up to $100,000 (minimum $20,000) to SME employers and…
On 13 March 2020, the Deputy President Logan, in the Administrative Appeals Tribunal (AAT) decided that A lump sum payment in arrears of invalidity pay was a superannuation lump sum and a disability superannuation benefit and thus not assessable as ordinary income.
See below for details.
On 13 March 2020, the Commissioner issued a SMSF Regulator’s Bulletin SMSFRB 2020/1, setting out the ATO’s concerns about self-managed superannuation funds (SMSFs) entering into certain arrangements, with related or unrelated parties, involving the purchase and development of real property for subsequent disposal or leasing. See below for further detail. [Tax Month – March 2020]…
On 20 March 2020, the Tax Institute’s weekly tax bulletin: TaxVine (No. 10), their Senior Tax Counsel’s Report, Bob Deutsch wrote and article entitled: MyGovID: SHORT TERM PAIN, LONG TERM GAIN.
See below for further detail.
On 18 March 2020, the High Court decided (by majority of 4 to 1) that two deeds remedial deeds, that sorted out partnership interests in land, after one of 2 joint trustees died and one of 5 partners died, were dutiable because the created fixed interests, which were different from their former interests as partners…