On 4.9.2020, the Federal Court has rejected a claim for legal professional privilege (LPP) on documents produced to ASIC that form part of civil penalty proceedings involving a Banking Royal Commission case study.
See below for details.
The ATO has released its findings on SMSF auditor number (SAN) misuse mailout to SMSF auditors for SMSF annual returns (SAR) lodged for the 2018 income year – as part of its measures to stop unregistered auditors appropriating the number of a registered auditor.
See below for details.
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…
On 19.8.2020, ASIC announced it had cancelled, or imposed conditions on, the registration of a number of auditors of self-managed superannuation funds (SMSFs) who had not maintained an appropriate level of audit experience.
See below for details.
On 17 August 2020, the Full Federal Court set aside a freezing order so far as it applied to overseas assets because there was ‘no realistic possibility of enforcement’ in those jurisdictions (Hong Kong and China).
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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…
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…
On 17 August 2020, the ATO posted an article on its website, entitled: “19-year tax fraud probe ends in jail time for scheme promoter”. It tells how the fifth and final promoter of these company stripping schemes was convicted and jailed (just like the other 4).
See below for details.
On 18 August 2020, the ATO updated a range of JobKeeper advices it has posted on its website, relating to the addition of an extra date by which an employee has to be employed – for the employer to be eligible for the stimulus benefit.
See below for details.
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…