On 3.8.20, the ATO has issued an update on residency and source of income. It deals with the issue from the perspectives of an Australian resident and a foreign resident in the context of a change of residency due to COVID-19. See below for details. [Tax Month – August 2020]
On Mon 3.8.2020, the ATO released a Draft Legislative Instrument proposing to provide an in-house asset exemption for an asset that is attributable to the deferral of rental income measures implemented to provide financial relief as a result of COVID-19. See below for details. [Tax Month – August 2020]
On 5 August 2020, the Assistant Minister for Superannuation: Jane Hume, issued a media release signalling that the ATO is aware that deadline for the Superannuation Guarantee Amnesty is approaching (7.9.20) at a time when the economy is reeling from the effects of the COVID pandemic, the restrictions and the ensuing economic turmoil and damage.…
On 30 July 2020, the ATO released Draft PS LA 2020/D1, setting out proposed guidelines on the remission of additional super guarantee charge (SGC) after the SG amnesty ends on 7 September 2020. Under Pt 7 of the Superannuation Guarantee (Administration) Act 1992 (SGAA), this additional SGC (Part 7 penalty) is up to 200% of the SGC…
On 30 July 2020, the SA Government announced an extension of its land tax relief of up to 25% reduction on eligible landlords’ 2019-20 land tax liability on affected properties – provided the landlords pass on the full benefit in land tax relief to their impacted tenants. The land tax relief scheme will be extended…
On 3 August 2020, the Tax Practitioners Board (TPB) posted an article pointing to it’s decision to terminate the registration of at tax agent: Mr Duncan Bell, for not complying with his own tax affairs (this decision was upheld in the AAT, in a decision made on 14 July 2020 and reported on 23 July…
In two related cases, the Federal Court has held that, when an unregistered individual provides ‘tax agent services’ (or BAS services) on behalf of an unregistered company, which charges a fee, the individual also contravenes the Tax Agents Services Act 2009 (TASA), having also provided the services for ‘fee or other reward’. See below for…
The AAT found that a lump sum, the taxpayer had been a director of various companies, which went into liquidation, and various claims were brought against him, including for allowing the companies to trade whilst insolvent. The taxpayer paid a lump sum to settle all these claims, but the AAT found the amount was not…
In Dapper Coelho v CofT, the AAT has decided that 4 working holiday makers who were present in Australia for more than 183-days during the income year were not tax residents of Australia, because their usual place of abode was outside of Australia and they did not intend to take up residence here. See below…
The Tax Institute’s Senior Advocate: Robyn Jacobson published her ‘Report’ entitled JobKeeper 2.1: a nimble response, in the Institute’s Friday publication: TaxVine (No. 31 on 14.8.20). This tracks the most recent changes to JobKeeper, prompted largely by the ‘2nd Wave’ of COVID-19 in Victoria and the introduction of severe ‘Stage 4’ restrictions here – badly damaging…