On 11 Nov 2022, the AAT found that a taxpayer was unable to show that he was carrying on an enterprise and was therefore not entitled to a GST refund received from the ATO. In his BAS for the quarter ended 31 December 2021 (allegedly in his business’ first year of operations), the taxpayer recorded purchases of goods…
The Property Tax (First Home Buyer Choice) Bill 2022 (NSW) has passed all stages without amendment and received assent on 11 November 2022 as Act No 60 of 2022. The Bill implements the First Home Buyer Choice scheme to give eligible first home buyers the choice of a smaller annual property tax payment over a traditional upfront…
A tax agent who, among other breaches of the Code of Conduct, was late with lodging income tax returns and quarterly BASs has had his registration terminated. The TPB terminated the tax agent’s registration as it considered he was no longer a “fit and proper person”. The tax agent conceded that he had: failed to comply…
On 10 November 2022, APRA issued a Media Release, announcing they will consult on their Discussion Paper, proposing a series of proposed enhancements to the prudential standards for superannuation trustees planning to transfer members out of – or into – their fund. Submissions in response to this discussion paper are requested to be provided to…
A debate is raging over the definition of ‘superannuation’, and in particular whether it should contain any reference to the amount of superannuation or quality of life the superannuation should provide. This is as something of a stalking horse, for the Labor Government, to walk away from election commitments, and then impose quantitative limits on…
On 31 October 2022, the ATO released its updated tax gap figures for the 2019–20 income year. The Tax Institute’s Tax Policy and Advocacy’s Associate: Abhishek Shekhawat, examines and explains these latest tax gap figures (in their weekly email to members: TaxVine #42, 11.11.22). Overview of the tax gaps The tax gaps are a yearly set of…
On 6 July 2022, the Court of Appeal of the New South Wales Supreme Court made an important decision in Chief Commissioner of State Revenue v E Group Security Pty Ltd [2022] NSWCA 115. The security industry commonly uses contractors to provide services to its clients. In the series of E Group Security cases, the courts considered whether payments to service providers met…
The Commissioner has issued a draft Decision Impact Statement (‘DIS‘) on the GST margin scheme case of Decleah Investments Pty Ltd v CofT [2021] AATA 4821. In that case, following the directions of the Federal Court, the AAT confirmed that the value assigned by a taxpayer for the purposes of the margin scheme was the result…
T a x T e c h n i c a l – M o n t h l y N e w s – November & December 2022 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…
Providing certainty on unlegislated tax and superannuation measures announced by the previous Government The Government announced that it will not proceed with the following ones of the previous Government’s ‘Announced But Un-enacted [tax and superannuation] Measures’ (ABUMs): The MYEFO 2013–14 measure that proposed to amend the debt/equity tax rules. The Federal Budget 2016–17 measure that…