Financial Accountability Regime will extend ‘BEAR’ to APRA regulated super trustees (RSE licensees) – Treasury proposal paper released – submissions due 14 February 2020

On 22 January 2020, the Treasurer released a ‘Proposal Paper’ on extending the Banking Executive Accountability Regime (BEAR) to all APRA-regulated entities (including superannuation RSE licensees), as recommended by the Banking Royal Commission – recommendation 3.9).

See below for details.

[Tax Month – January 2020]

Treasury Laws Amendment (2019 Measures No. 3) Bill 2019 – amendments to engage the SGE penalty uplift provisions when an SGE is a subsidiary member of a consolidated group and doesn’t pay its own tax

On 6 December 2019, the ATO uploaded a post, about the application of a still unlegislated Bill, to ‘significant global entities’ (SGEs) and modifications it proposes to make to the radically uplifted administrative penalties, that apply to SGEs. They concern subsidiaries, of ‘global parent entities’, which could be small and are already struggling with the…

The mess that is Australia’s international tax rules – source, residence, permanent establishment (PE), Double Tax Agreements (DTA), Multi-lateral Instrument (MLI) system, double- Irish sandwiches, digital services taxes (DTS), Multi-national Anti-Avoidance Law (MAAL), Diverted Profits Tax (DPT) and possibly (soon) the OECD’s ‘Phase 1’ new system

On Friday 31 January 2020, The Tax Insitute’s Bob Deutsch published his weekly ‘Senior Tax Counsel’s Report, in Edition 3 of TaxVine – titled: The International Tax Scene – could it get even messier? This is a marvellous overview of the layers of complexity, currently involved in Australia taxing (or attempting to tax) international income or…

APRA releases its ‘Policy’ and ‘Supervision’ Priorities documents for 2020 – which include a focus on APRA regulated superannuation funds

On Thursday 30 January 2020, APRA released its Policies Priorities and Supervision Priorities papers, with a Media Release to announce and summarise the thrust of these documents. They include a focus on APRA regulated superannuation funds.

See below for the media release and likes to the APRA Priorities documents.

Commissioner relaxes his own secrecy restrictions, for deceased estates, by use of his ‘remedial power’

On 13 January 2020, a delegate of the Commissioner of Taxation: Louise Clarke, made a declaration under the Commissioner’s ‘Remedial Power’ deeming the secrecy provisions to be amended so as to allow deceased estate information to be given to the tax agent or lawyer of the Estate’s executor, administrator or their lawyers and on 29…