Government remains committed to increase the SMSF member limit from 4 to 6 but also to increased flexibility measures for members from 65 to 70 years of age

Speaking at the SMSF Association National Conference on the Gold Coast on 19 February 2020, Assistant Minister for Superannuation: Senator Jane Hume, said it remains Government policy to enact this change from 4 to 6 maximum SMSF members, but it will be progressed in line with the Government’s other legislative priorities. See below for further details. [Tax Month…

Superannuation – canvassing the very current issue of whether the SGC minimum employer contributions should continue to increase to 12% and other suggestions to increase employee engagement with super

On Friday 21 February 2020, the Tax Institute’s Senior Tax Counsel: Bob Deutsch, published an article in the Institute’s weekly Tax Vine (No. 6 of 2020) entitled: Superannuation – too much or not enough? This canvasses the very current issue of whether the SGC minimum employer contributions should continue (as currently legislated) to increase to 12%…

J5 tax chiefs ‘day of action’ and subsequent ‘joint communique’ about closing the net on global tax evasion

On 19 Feb 2020, the ATO uploaded a post saying that leaders from five international tax organisations (J5) have come together in Sydney, Australia this week (17-21 February) to review the J5’s progress, in their fight against transnational tax crime and set priorities for the year ahead. This was like a joint ‘communique’ achieving some global…

Crimes Legislation Amendment (Combatting Corporate Crime) Bill 2019 – Senate inquiry into Bill which would also change s26-52 prohibition on deductions for foreign bribes (to follow the changes it makes to the criminal law)

Unusually, the Crimes Legislation Amendment (Combatting Corporate Crime) Bill 2019, was introduced on in the Senate (on 2.12.19) and a Senate Committee conducted a public hearing on 12 Feb 2020, to inquire into and report of the effect of this Bill, if passed. The Bill would amend the Criminal Code Act 1995 and the Director of…

Ex-NewSat CEO convicted for $357,500 in fake invoices and also his accountant – here the beneficiary of the fraud was not the taxpayer

Last month I reported that an accountant had admitted submitting false invoices, and awaited sentencing. On 5 March 2020, the wash up of this became known and was reported in the Australian Financial Review, by Lisa Main (one of their reporters) under the heading: Ex-NewSat CEO convicted for $357,500 in fake invoices. The gist of this…

Arrests made in J5 investigations into money laundering using cryptocurrencies – IRS media releases

The IRS (USA) has reported that arrests have been made in relation to 2 investigations into money laundering using cryptocurrencies as part of operational activities by the “Joint Chiefs of Global Tax Enforcement”, known as the “J5” (Australia, UK, US, Canada and the Netherlands). See below for further details from media releases. [Tax Month –…

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…