SMSFs more than 2 weeks late in lodging an annual return will change change status on ‘Super Fund Lookup’ to ‘Regulation details removed’ precluding rollovers and SGC contributions

On Thursday 12 March 2020, the ATO posted an article advising SMSFs that being more than 2 weeks late in lodging any annual return, and it hasn’t requested a deferral, it will change the status of the SMSF, on Super Fund Lookup (SFLU) to ‘Regulation details removed’.

See below for details.

[Tax Month – March 2020]

Social security ‘deeming rates’ cut by 0.5% in response to 0.25% Reserve Bank cut in interest rates

On Thursday, 12 March 2020, the Ministers for the Department of Social Services (Ruston, Robert, Landry and Howarth) issued a Media Release announcing that the Social Security ‘deeming rates’ would be lowered by 0.5% (50 percentage points) – double the Reserve Bank’s 0.25% cut in interest rates on Tuesday 3 March 2020 (conceding there was…

ATO comments on the BHP Billiton case – High Court’s decision confirming that sister subsidiaries in a ‘dual listed’ group are ‘sufficiently influenced’ and therefore ‘associates’ for tax purposes

On 11 March 2020, the ATO posted an article noting that the High Court had upheld its position that BHP was taxable on all of it’s share of the income from its marketing hub and welcoming that decision – BHP Billiton Limited v Commissioner of Taxation [2020] HCA 5 (see related TT article, also). The ATO makes some…

BHP Billiton Limited (BHP Group Ltd) v CofT – High Court upholds Commissioner’s CFC attribution assessment of the whole of Australian Dual Listed’ entity’s share of its Marketing Hub’s income – the UK Dual Listed’s subsidiary suppliers were ‘associates’ because they were ‘sufficiently influenced’

On Wed 11 March 2020, the High Court dismissed an appeal from a decision of the Full Court of the Federal Court of Australia – upholding CFC ‘attribution’ assessments on with whole of the Australian ‘dual listed’ entity’s share of the Marketing Hub ultimately owned by the Australian and UK dual listed entities. The High…

Directors Penalty Notice (DPN) regime commences to apply to GST etc on 1 April 2020 – K&L Gates FAQs

K&L Gates lawyers, have issued a newsletter reminding readers that, from 1 April 2020, company directors will be personally liable for any unpaid GST, luxury car tax (LCT) and wine equalisation tax (WET), in addition to the pay as you go withholding (PAYGw) and superannuation guarantee contributions (SGC) debts, that are already captured under the current…