John Morgan is a tax specialist lawyer of more than three decades experience now practicing at the Victorian Bar - w: www.FJMtax.com e: f.john.morgan@vicbar.com.au

Greensill to be heard in Full Federal Court concurrently with the appeal by N & M Martin – assets not ‘taxable Australian property’ distributed to non-resident beneficiary still subject to our CGT (under subdivision 115-C)

Tax Month - October 2020

The appeals against the decisions in Peter Greensill Family Co Pty Ltd v FCT [2020] FCA 559 and N & M Martin Holdings Pty Ltd v FCT [2020] FCA 1186 will be heard concurrently by the Full Federal Court, following orders by the Registrar on 22 October 2020. See below for further details. [Tax Month – October…

Victoria Power Networks Pty Ltd v CofT – Partial victory on ‘uneconomic’ electricity connections – customer cash contributions assessable but customer transferred works not assessable as a ‘non-cash business benefit’

Tax Month - October 2020

The Full Federal Court has upheld a decision that cash contributions paid to electricity distributors, by customers, were assessable, but overturned a decision that the arm’s length value of connection works transferred to the distributor was assessable. See below for further details. [Tax Month – October 2020]

IGTO’s annual report for the financial year 2019-20 – 2,775 Complaints and 3 current reviews

Tax Month - October 2020

The Inspector-General of Taxation and Taxation Ombudsman (IGTO) Annual Report for the financial year ended 30 June 2020 (FY20) was tabled in the Australian Parliament on 23 October 2020 (and the media release was 27 Oct 2020). The report details the activities and performance of the IGTO during FY2020. See below for further details. [Tax Month…

Tax Month – October 2020

Tax Month - October 2020

T a x  T e c h n i c a l  –  M o n t h l y  N e w s – October 2020 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 ______________________________________________________________________________ COMPILING…

Eichmann v CofT – CGT Small Business Concessions – Property used for storage was an ‘active asset’ – taxpayer finally wins in Full Federal Court

Tax Month - September 2020

On 18.9.2020, the Full Federal Court has allowed the Taxpayer’s appeal, holding that a property used to store materials, tools and other equipment was an active asset for the purpose of the Div 152 CGT small business concessions, and as a result, those concessions applied (reversing the Federal Court decision, which reversed the AAT decision,…

ACT Rates Relief – for Commercial Tenants negotiating in good faith with COVID-19 affected tenants – extended with JobKeeper

Tax Month - September 2020

The ACT Government notified on 10 September 2020 the Leases (Commercial and Retail) COVID-19 Emergency Response Declaration 2020 (No 2) to extend its assistance to incentivise commercial landlords to offer rent relief for tenants impacted financially by COVID-19. This matches the extension of the Federal JobKeeper support package. See below for details. [Tax Month – September 2020]

Foreign Resident CGT Withholding Tax – ATO updates website for ‘Purchaser Payment Notification’ (PPN) forms – generating a ‘reference number’ for ATO, vendor and purchaser purposes

Tax Month - September 2020

On 27 Aug 2020, the ATO updated its website regarding legal practitioners lodging ‘Purchaser Payment Notification’ (PPN) forms, for Foreign Resident CGT Withholding Tax (CGT Withholding Tax). Though this will be most relevant for conveyancers, it is worth re-acquainting ourselves with this regime. See below for details. [Tax Month – August 2020]

Qld stamp duty: Resolute Mining Ltd v Commr State Revenue – duty payable on $635k ‘unencumbered value’ of land – not the $8.4m ‘funding amount’ to move a school – which couldn’t be valued because it could go up or down

Tax Month - September 2020

The Qld Supreme Court has held that duty was payable on the unencumbered value of land as the highest consideration payable under the agreement to purchase the land could not be ascertained when the agreement was executed. See below for details. [Tax Month – September 2020]