On 11 May 2021 (in the Federal Budget), the Australian Government announced that it will introduce a ‘patent box’ for corporate income associated with patented inventions in the medical and biotechnology sectors. The patent box will apply to companies for income years commencing on or after 1 July 2022 – in relation to patents issued…
On 9 July 2021, the Federal Court has held that, although the AAT misapplied the principles relating to the onus of proof, placed on the taxpayers, there was a real and substantial risk that the AAT’s ability to assess the issues was impaired. The Court therefore remitted the matter for a re-hearing. The decision has…
The taxpayers have filed an application for special leave to appeal to the High Court from the Full Federal Court decision in Peter Greensill Family Co Pty Ltd (Trustee) v FCT; N & M Martin Holdings Pty Ltd v FCT, which were heard concurrently [2021] FCAFC 99 (see related TT article). See below for further details. [Tax…
In a GST case: Singh v CofT, the taxpayer has been unsuccessful in claiming input tax credits because of inadequate documentation. The Tribunal made its decision on 15 June 2021 (but the decision was not posted on AustLii until 7 July 2021). See below for further detail. [Tax Month – July 2021] The taxpayer…
On Wed 14.7.2021, issued a release reminding taxpayers to make sure they have a record of the donations they are claiming this tax time. There are 4 reasons a donation might not be deductible, but according to the ATO, nearly two thirds of the deduction adjusted last year, were because the taxpayer could not prove…
The Federal Government is consulting on a voluntary ‘Transparency Code’ for the Australian Charity sector in relation to funds received from the public for natural disasters (such as the ‘Black Summer’ bushfires in late Dec 2019 and early 2020). A key issue is a mismatch between the expectations of donors around how their funds would be…
On 6 July 2021, the ATO’s Tax Practitioner Stewardship Group met, to review matters of particular interest to Tax Agents, in commencing the 2020-21 income tax return lodgement season. There is a collection, here, of information and links, which Tax Agents ought to find useful. See below for further detail. [Tax Month – 2021] …
The Morrison government has overhauled income and business assistance measures for the third time in six weeks as the entire state of Victoria joined greater Sydney and plunged into lockdown for five days. With more than 12 million people again under lockdown and pressure from Victoria for the federal government to do more to help stranded…
As a result of the snap lockdown imposed on Victoria on 15 July 2021, the Prime Minister announced a set of additional support measures for businesses and workers on 15 July 2021. The measures for shorter lockdowns have been approved by National Cabinet and will apply to all States and Territories henceforth. See below for further details. [Tax Month…
The Research and Development Tax Incentive (R&D Incentive) has been in operation since 1 July 2011 and certain changes come into effect on 1 July 2021, which were announced in the 2020 Federal Budget. This article reviews those changes. See below for further detail. [Tax Month – July 2021] The Research and Development…