Draft guidelines on application for the ‘economic infrastructure staples tax concession’ – which reduces the 30% MIT tax withholding, for non-residents, down to 15%

On Thursday 14.11.19, Treasury released a draft ‘Guidance Note’ for potential applicants, to the Federal Treasurer, for the economic infrastructure staples tax concession. Comments are due by 17 Jan 2020. See below for a summary of this concession and the consultation. FJM 17.19 [Tax Month – November 2019]   The concession provides one of the exceptions, to…

Extension of the ‘significant global entity’ definition to go beyond groups headed by listed companies – revised exposure draft legislation after ’round 1′ consultation

On 13 Nov 2019, Treasury released an ‘exposure draft’ of legislation the extend the definition of ‘Significant Global Entity’ (calling for comments by 11 December 2019). The SGE definition not only sucks big companies, into its onerous vortex, but every member of its Group, some of which can be small, and unaware of these extended…

DCT v Babji – DPN summary judgment dismissed – defendant was a director for less than a month, and company liabilities were due up to 2 years earlier (beware the reach of the DPN provisions)

The WA District Court dismissed a Deputy Commissioner’s claim for an extension of time to bring a summary judgment application concerning a director penalty notice (DPN) and then dismissed the summary judgment claim itself. DPN liability can apply to underlying company liabilities arising both before and after the directorship period – so beware. See below…

US Democratic candidates floating annual wealth taxes, Estate duty upped to 77%, Federal income taxes upped to 70%, CGT rate doubled to 40% – echos of Labor’s loss in our May 2019 election

On Friday 15 Nov 2019, The Tax Institute published an article, in its weekly ‘TaxVine’ news update (#44), by its Senior Tax Counsel: Bob Deutsch, entitled: The American political scene – Are wealth taxes coming?  

See below, for the article.

FJM 17.11.19

[Tax Month – November 2019]

 

Tax Month – November 2019

T a x  T e c h n i c a l  –  M o n t h l y  N e w s – November 2019 Edition – Tax developments for tax practitioners by a tax practitioner.   Compiled by F John Morgan A member of the Victorian Bar (www.FJMtax.com) Table of Contents ______________________________________________________________________________   You…

Financial Synergy Holdings Pty Ltd v FCT – Article in the Australian Tax Forum: Clash of the deeming provisions: pre‑CGT concessions, tax consolidation and policy in the Federal Court

The Australian Tax Forum, published an article about the Full Federal Court decision about the Financial Synergy Holdings Pty Ltd v FCT case – entitled: “ Clash of the deeming provisions: pre‑CGT concessions, tax consolidation and policy in the Federal Court”. This was in Volume 31 (2106) and was written by: Carlos Barros, Eu‑Jin Teo and Sarah…

IGT commences two investigations – factors in growth of undisputed tax debts & ATO systems and processes for dealing with deceased estates

On 31 October 2019, the new Inspector-General of Taxation, commenced two new investigations:

  1.  An investigation and exploration of undisputed tax debts in Australia; and
  2. Death and taxes: An investigation into ATO systems and processes for dealing with deceased estates

See below for details.

FJM 10.11.19

[Tax Month – October 2019]