ATO froze the assets of Chinese billionaire Huang Xiangmo – ATO caught out by cancellation of his visa

On 19 September 2019, Angus Grigg, Edmund Tadros and Neil Chenoweth published an article in the Australian Financial Review, entitled: ATO caught out by Huang’s exile from Australia. It is about the ATO freezing the assets of the Chinese billionaire: Huang Ziangmo and various factors that prompted it. There are two other articles, similarly published, on…

This has nothing to do with tax either – but Cannon-Brookes’ $25b plan to power Singapore with 15,000 ha of solar cells in outback Australia, was interesting

On 25.9.2019, Jacob Greber published an article in the Australian Financial Review entitled: Cannon-Brookes’ plan to power Singapore – which is about a $25b ‘nation building’ plan that Atlassian’s Cannon-Brookes and others have to replace fossil fuels with solar and wind, sufficient to export to Asia. See below for the full article. FJM 25.9.19 [Tax Month –…

Director ID numbers – Labor moves amendments to the Government’s ‘Combating Illegal Phoenixing Bill’ replicating it’s lapsed legislation on DINs

On Thursday 19.9.19, Australian Financial Review journalist: David Marin-Guzman published an article, entitled: Labor to force government on director ID numbers. This was about Labor shadow assistant treasurer Stephen Jones circulating amendments, to the government’s Combating Illegal Phoenixing Bill, that replicated the government’s own lapsed ID numbers and are expected to go to a vote when the…

Low cost Sovereign Wealth Fund style of investing would eradicate the gross fee burden born the enormous AUD 2+ trillion Australian Superannuation system (read ‘index trading’ within chosen asset allocations)

On Monday 23 September 2019, Hans van Leeuwen published an article, in the Australian Financial Review, that he wrote in London, entitled: Sovereign wealth fund to fix super: Tuckwell. He says: “The fundraising side of the superannuation system that Keating put in place is terrific. In other words, you force people to save money. But the investment…

‘Residency – Individuals (and trusts)’ – a valuable Paper delivered to the LIV Tax Discussion Group in September 2019

On 19.9.19, Sam Campbell, a Senior Associate at Sladen Legal delivered a paper entitled: Residency – Individuals (and trusts), to the Law Institute of Victoria Tax Discussion Group. The Paper was co-authored by Neil Brydges, Principal Lawyer and Kelvin Yuen, associate, also of Sladen Legal. See below for the contents of this valuable paper. FJM 19.9.19 [Tax…

Productivity Commission recommends – abolish ‘Zone Tax Offset’; Refresh Remote Area Allowance; Keep FBT Remote Area Concessions

On 4.9.19, the Productivity Commission today released a draft report on Remote Area Tax Concessions and Payments. The Government tasked the Commission to assess the zone tax offset (ZTO), the remote area allowance (RAA) and the FBT remote area concessions. See below for further detail. FJM 7.9.19 [Tax Month – September 2019]     ‘Tax…

IGTO issues its ‘operational guidelines’ for both ‘complaints’ about ATO decisions and also reviews and investigations into ‘systemic’ ATO issues

In early September the Inspector-General of Taxation and Taxation Ombudsman (IGTO) has published its operational guidelines for both complaints handling and its reviews of ‘system’ problems within the ATO.

See below for links to these operational guidelines and a short summary of them.

FJM 7.9.19

[Tax Month – September 2019]

 

 

 

 

 

 

 

ATO’s ‘take’ on their Glencore transfer pricing loss – they’re considering an appeal – but otherwise extol the virtues of ‘arms -length’ pricing

The ATO is considering whether to appeal the Federal Court decision in Glencore Investment Pty Ltd v FCT [2019] FCA 1432. The case considered whether dealings between Swiss-based Glencore International AG and an Australian subsidiary breached the transfer pricing rules in relation to the sale and purchase of copper concentrate (see related Tax Technical article).…

Glencore Investment Pty Ltd v CofT – ‘Swiss Head Co – Aus Sub’ Pricing Agreement did not offend either Div 13A or Subdiv 815-A Transfer Pricing Provisions (within arm’s length and restructuring agreement not permitted)

On 3.9.19, the Federal Court has held that the price paid by the a different Glencore company (to the one involved in the recent High Court ‘legal professional privilege’ case) to its Australian subsidiary, for copper concentrate, was within an arm’s length range for transfer pricing purposes. See related Tax Technical article for the ATO’s…

Taxation of the Digitalised Economy – An Informal Update by Tony Stolarek given to the Melbourne Taxation Discussion Group

Tony Stolarek of Consulting Firm: E&Y, presented an Informal Update on the ‘Taxation of the Digitalised Economy’ to the July 2019 meeting of the Melbourne Tax Discussion Group. In aid of this he circulated the Power Point presentation, which appears below. See below for the Presentation and a summary of it. FJM 7.9.19 [Tax Month…