On 1 June 2020, the ATO issued a : PCG 2020/5, setting out its transitional compliance approach, for the application of the non-arm’s length expenditure (NALE) rules to complying superannuation funds. See below for further details. [Tax Month – May 2020]
On 1 June 2020, the ATO reminded tax agents and taxpayers that they need to make contributions to the Small Business Superannuation Clearing House by 23 June 2020, for them to be deductible in the 2019/20 year. See below for further details. [Tax Month – May 2020]
On 1 June 2020, the Assistant Treasurer: Michael Sukkar, announced that the Government had reappointed our Dr Julianne Jaques as a part-time member, of the Board of Taxation, for a further three-year period from 1 July 2020. She recently showed strong leadership, acting as the Chair of the Board after the sudden and sad passing of…
CPA Australia has advised that Paul Drum passed away unexpectedly last week (commencing 25.5.20) after suffering a suspected heart attack. For many of us Paul was an institution and a colleague. It sounds like this was sudden, and he will be missed. Paul was CPA Australia’s General Manager of External Affairs and has been the…
The Full Federal Court has upheld a decision that costs incurred in administering a scheme established when a class action on behalf of bushfire victims in Victoria was settled were not deductible. See below for a summary of the case. [Tax Month – May 2020]
On Friday 29.5.2020, the The Superannuation Legislation Amendment (2020 Measures No 1) Regulations 2020, was registered amending the SIS Regulations to allow people aged 65 and 66 (ie under age 67) to make voluntary superannuation contributions (both concessional and non-concessional) without meeting the work test. See below for further details. [Tax Month – May 2020]
A Canberra developer has been ordered to pay $29,914 in relation to an action for misleading and deceptive conduct involving the sale of a unit which the developer allegedly claimed was subject to GST. The sale date was not specified, but it was between 2013 and 2015. See below for summary of the case. [Tax…
On Wednesday 13 May 2020, the Government introduced the Treasury Laws Amendment (2020 Measures No 2) Bill 2020 into the House of Reps proposing a range of amendments from ‘hybrid mismatch’ rules to secrecy provisions relating to the JobKeeper scheme. See below for a summary of this Bill. [Tax Month – May 2020]
On Wednesday 13 May 2020, the Government introduced a bill into Parliament and released an exposure draft of a regulation, to give effect to its 2019 Budget measure to give Australians over 65, greater flexibility in making voluntary superannuation contributions – all of which are to start from 1 July 2020. See below for a summary…
On 14 May 2020, the Treasury Laws Amendment (2020 Measures No 1) Bill 2020 passed both Houses of Parliament – having been introduced on 12 October 2020, and stalled in the Lower House on 4 March 2020. It broadens the definition of significant global entity (SGE) in the ITAA 1997 so that it applies to…