On Sunday 22 March 2020, the Government announced an additional $66.1bn economic stimulus package in response to the coronavirus (COVID-19). This second package includes a $550 per fortnight supplement for job seekers (doubling the current payment), a further $750 stimulus payment for pensioners, cash flow payments up to $100,000 (minimum $20,000) to SME employers and…
On 13 March 2020, the Deputy President Logan, in the Administrative Appeals Tribunal (AAT) decided that A lump sum payment in arrears of invalidity pay was a superannuation lump sum and a disability superannuation benefit and thus not assessable as ordinary income. See below for details. [Tax Month – March 2020]
On 13 March 2020, the Commissioner issued a SMSF Regulator’s Bulletin SMSFRB 2020/1, setting out the ATO’s concerns about self-managed superannuation funds (SMSFs) entering into certain arrangements, with related or unrelated parties, involving the purchase and development of real property for subsequent disposal or leasing. See below for further detail. [Tax Month – March 2020]…
On 20 March 2020, the Tax Institute’s weekly tax bulletin: TaxVine (No. 10), their Senior Tax Counsel’s Report, Bob Deutsch wrote and article entitled: MyGovID: SHORT TERM PAIN, LONG TERM GAIN. See below for further detail. [Tax Month – March 2020]
On 18 March 2020, the High Court decided (by majority of 4 to 1) that two deeds remedial deeds, that sorted out partnership interests in land, after one of 2 joint trustees died and one of 5 partners died, were dutiable because the created fixed interests, which were different from their former interests as partners…
On Wed 18.3.2020, the ATO issued an Addendum to Taxation Ruling TR 2001/13, its ruling on interpreting Australia’s double tax agreements. See below for a summary of the ruling and update. [Tax Month – March 2020]
On 18 March 2020, the Administrative Appeals Tribunal (AAT) decided that A taxpayer who owned land containing native forest that was not harvested during his 24-year period of ownership was carrying on a business and therefore able to utilise the CGT small business concessions. See below for a summary of the case. [Tax Month – March…
On 19 March 2020, the Australian Charities and Not-for-profits Commission (ACNC) announced it would commence a review of about 500 registered charities for their eligibility for registration. See below for further details. [Tax Month – March 2020]
On Friday 20.3.20, the ATO released a synthesised text of Australia’s double taxation agreement (DTA) with Canada. It outlines the modifications that have been made to the DTA by the Multilateral Convention to Implement Tax Treaty Measures to Prevent Base Erosion and Profit Shifting (known as the ‘Multi-lateral Instrument’ or ‘MLI’) See below for an…
On Friday 20.3.20, the Prime Minster today announced that the 2020-21 Federal Budget will be deferred until Tuesday 6 October 2020 (instead of May 2020 as originally scheduled) given the ongoing uncertainty surrounding financial forecasts. Mr Morrison said he has spoken to the Leader of the Opposition, and thanked him for his support of these arrangements. [Tax Month –…
