Treasury completed a three-month review of the JobKeeper Payment in June 2020, informed by the status of the Coronavirus outbreak and the economy and on 21.7.20 and released it to the public on 21 July 2020. This was at the same time as announcing a reduced extension of the JobKeeper program (see related TT article).…
On 16 July 2020, the Tax Practitioners Board issued a media release saying it had struck off a tax agent who lodged more than 170 returns for self-managed superannuation fund (SMSF) clients, where he claimed the funds had been independently audited, but the investigation found no audit had been conducted. See below for details. [Tax Month…
On 16 July 2020, the ATO posted an article advising that record numbers of returns have been lodged in the first 2 weeks after the end of the 2019-20 financial year, $1b of refunds have issued; the three main 2020 lodgement issues arising to date and a reminder that the ‘working from home shortcut’ has…
In The Tax Institute’s weekly newsletter: TaxVine No. 27 (17.7.20) their Senior Advocate, Robyn Jacobson CTA considered the exit of the childcare sector from JobKeeper on 20 July as a prelude to all businesses losing JobKeeper support (subject to any continuation in part or whole which may be announced by the Government soon) and their…
Melbourne has gone into ‘Stage 3’ lockdown, after Wed 8.7.20, affecting tax practice, for both practitioners and clients. The Tax Institute is the peak tax professionals group in Australia and has turned its attention to the impact of the COVID-19 lockdown, on Wed 15.7.20, when it sent an email, to its members, addressing these issues,…
On Friday 10.7.20, The Tax Institute’s Andrew Mills (newly appointed – ‘Director of Tax Policy and Technical’) published an article in their weekly tax newsletter ‘TaxVine’ (No.26) titled: ‘Tax Reform – a job for The Tax Institute’. Andrew has had a long and illustrious career in tax, most recently coming from the ATO, where he…
On Friday 10 July 2020, the ATO’s Tim Dyce (Deputy Commissioner – Private Wealth) emailed the National Tax Liaison Group (NTLG) advising them of an expanded Reportable Tax Position (RTP) Schedule lodgement requirement for large private companies from 1 July 2020. See below for details. [Tax Month – July 2020]
On 10 July 2020, the ATO ‘National Tax Liaison Group’ (NTLG) circulated its consultation report for June 2020. This contains a ’round up’ of various statistics, consultation matters, ‘stewardship groups’, ‘special purpose working groups’ and ‘stakeholder relationship groups’. See below for the table of contents and the whole ‘pdf’ document. [Tax Month – July 2020]
On 10 July 2010, the ATO’s Deputy Commissioner Tim Dyce, issued the following update on various COVID-19 concessions – prompted at least in part by Melbourne (and Mitchell Shire) returning to lockdown (and associated border and ‘leper effect’ factors hitting our economy). See below for the update. [Tax Technical – July 2020]
T a x T e c h n i c a l – M o n t h l y N e w s – July 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…