Treasury Laws Amendment (Measures for Consultation) Bill 2019: hybrid mismatch rules – draft legislation for changes to ‘hybrid mismatch rules’ – Submissions by 24 Jan 2020

On Friday 13.12.19, Treasury released draft legislation and explanatory material for the announced changes to the ‘hybrid mismatch’ rules and 2 additional changes – called the Treasury Laws Amendment (Measures for Consultation) Bill 2019: hybrid mismatch rules.

See below for a summary of these drafts.

[Tax Month – December 2019]

ATO reminds taxpayers & agents that Partnership (‘Everett’) assignments since 8 May 2018, returned with ‘small business CGT relief’ will need amendment

On 16 December 2019, the ATO  reminded tax agents (and taxpayers) that they might have to amend their clients (their own) tax returns if they have claimed ‘small business CGT relief, under an ‘Everett’ assignment of a partnership interest, after amending legislation was past. See below for further details about the reminder. [Tax Month –…

ATO posts its ‘Consultation Report’ on 10 December 2019 – detailed with many links to other ATO posts

On 10 December 2019, the ATO posted a detailed ‘Consultation Report’ reporting on, variously: consultation matters received and completed; Draft advice and guidance products open for consultation; Stewardship Groups; Special purpose working groups; Stakeholder relationship groups (with a great many links to other pages on the ATO’s website). See below for details of the Report. [Tax Month –…

ASIC disqualifies director for maximum of 5 years for illegal ‘phoenix’ activity involving $30m owing to the ATO – Taskforce and Assetless Administration Fund

On 17 Dec 2019, ASIC issued a media release announcing it had disqualified a director for five years for engaging in illegal phoenix activity. See below for details of the Media Release. [Tax Month – December 2019]     ASIC disqualified Timothy Elgan Marsh, of Epping, NSW, from managing companies, for the maximum period of…

Foreign Acquisitions and Takeovers Amendment (Australia-Hong Kong Free Trade Agreement) Regulations 2019 – threshold for ‘non-sensitive’ acquisitions increased from $266m to $1,154m under HK FTA

The Foreign Acquisitions and Takeovers Amendment (Australia-Hong Kong Free Trade Agreement) Regulations 2019 were registered on 16 December 2019, under the Foreign Acquisitions and Takeovers Act 1975.

See below for a summary of the Regulations.

[Tax Month – December 2019]

 

Treasury Laws Amendment (Miscellaneous Amendments) Regulations 2019 – relating to ‘reversionary defined benefit pensions, successor fund transfers, deferred superannuation income streams, innovative income streams

On Tuesday 17.12.19, the Government registered Treasury Laws Amendment (Miscellaneous Amendments) Regulations 2019, which make minor and technical amendments to regulations in the Treasury portfolio, including tax laws, corporations laws, superannuation laws and credit laws. The amendments are part of the Government’s commitment to the care and maintenance of Treasury portfolio legislation. See below for a…

Treasury Laws Amendment (Miscellaneous Amendments) Regulations 2019 – service of compliance orders overseas and also general service overseas under the Mutual Assistance Treaty

On Tuesday 17.12.19, the Government registered Treasury Laws Amendment (Miscellaneous Amendments) Regulations 2019, which make minor and technical amendments to regulations in the Treasury portfolio, including tax laws, corporations laws, superannuation laws and credit laws. The amendments are part of the Government’s commitment to the care and maintenance of Treasury portfolio legislation. See below for a…

GSTR 2019/2 and PCG 2019/8 – GST: credit card issuing business – creditable purpose of acquisitions – ‘Green zone’ = 35% allocation to creditable ‘interchange’ services

On Wed 18.12.2019, the ATO issued 2 products for credit card issuers: GST Ruling GSTR 2019/2 (determining the creditable purpose of acquisitions in a credit card issuing business) and Practical Compliance Guideline PCG 2019/8 (ATO compliance approach to GST apportionment of acquisitions that relate to certain financial supplies). See below for a summary of this Ruling and Guide. [Tax…