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…
The Fair Work Commission (FWC) has noted the outcome of the following recent JobKeeper dispute decisions dealt with under Pt 6-4C of the Fair Work Act 2009, which enables employers to issue “JobKeeper enabling directions” to employees about their hours of work, performance of duties and location of work. See below for a summary. [Tax Month…
On Thursday 14 May 2020, The Tax Institute’s Chief Executive Officer: Giles Hurst, wrote an ‘open letter’ to Institute members advising they’d hired the widely known, and respected, Andrew Mills, as ‘Director, Tax Policy and Technical – just after he finished his term as a Second Commissioner, at the ATO, in charge of its ‘law…
On Friday 8 May 2020, the Tax Institute’s Senior Chief Tax Counsel: Bob Deutsch published an article in their weekly tax newsletter TaxVine (No. 17, 8.5.20), entitled: JOBKEEPER: The Basic Turnover Test is not so basic! It examines this test in the light of the recent Law Companion Ruling, which the Commissioner issued, about the JobKeeper…
T a x T e c h n i c a l – M o n t h l y N e w s – May 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 ______________________________________________________________________________ …
On Friday 1 May 2020, the Tax Institute’s Senior Chief Tax Counsel: Bob Deutsch published an article in their weekly tax newsletter TaxVine, entitled: JobKeeper – the gift that keeps on giving! It is about the made a determination (“the Determination”) the Commissioner made, under section 20(4) of the Coronavirus Economic Response Package (Payments and Benefits) Act 2020,…
On 20 April 2020, the Victorian Court of Appeal dismissed an appeal by the trustees of a self-managed super fund (SMSF), and upheld the decision setting aside their payment of a death benefit entirely to the surviving trustee, following the death of the sole member of the fund. See below for a summary of the case. [Tax…
On 22.4.20, a 10.12.19 decision of the AAT was published, deciding that the beneficiaries of a trust, who had received distributions, were assessable on the increase in the tax law ‘net income’ of the trust, resulting from deductions for various expenses being disallowed. See below for a summary of the case. [Tax Month – April…