Tax Practitioners Board releases corporate plan for 2020-21 (‘sneak peek’ into its independence on imposing sanctions)

In a media release on Thur 20.8.2020, the TPB unveiled its 2020-21 corporate plan in conjunction with its 10th anniversary, outlining its purpose, vision and values for the coming year. TPB Chair, Ian Klug AM in his introductory message spoke to the importance of the profession’s role in upholding the integrity of the tax system…

CofT v Fortunatow – PSI rules: unrelated clients test not satisfied because there work was not a ‘direct’ result of the ‘LinkedIn’ advertisements – ATO wins appeal

On 17 August 20920, the Full Federal Court effectively reinstated an AAT decision that the unrelated clients test for the purposes of the personal services income (PSI) rules was not satisfied. This is the ‘LinkedIn’ advertising case, where the Federal Court overturned the initial AAT decision in the Commissioner’s favour. See below for details. [Tax…

‘Downsizer’ super contributions from part disposal of home to ‘DomaCom’ product – so $300k contribution to SMSF possible (ATO advice released for ASX)

On 17 August 2020, ASX listed DomaCom issued a Media Release for the ASX, advising that it had received advice from the ATO that the ‘downsizer’ superannuation contribution concession, can be claimed on proceeds from the sale of partial interest in their home, which can be done using their Senior Equity Release platform. DomaCom lost a…

Australia falling behind in corporate tax cuts – third last out of 39 OECD countries

On 3.9.2020, the Australian Financial Review posted an article by its Senior writer: John Kehoe, entitled: ‘Australia falling behind corporate tax cuts‘. It chronicles the way other countries are dropping their headline corporate tax rate and percentage of tax revenues represented by corporate income tax, leaving Australia uncompetitive for investment – right when Australia needs…