Auctus Resources Pty Ltd v CofT – ATO could not recover a refundable tax offset for R&D after project disallowed – both parties failed to argue the relevant ‘transitional provision’

On 31 July 2020, the Federal Court found against the Commissioner, who was attempting to recover a refundable tax offset, after Innovation and Science Australia, repudiated the registration of the R&D project. The Commissioner was out of time to issue an amended assessment and tried to use a provision in the ‘running balance provisions’ of…

SPR 2020/D2 – SMSF ‘in-house asset’ exemption for rental income deferrals during COVID-19 period – ATO issues Draft Determination

On Mon 3.8.2020, the ATO released a Draft Legislative Instrument proposing to provide an in-house asset exemption for an asset that is attributable to the deferral of rental income measures implemented to provide financial relief as a result of COVID-19.

See below for details.

[Tax Month – August 2020]

 

 

SG amnesty 7 Sept 2020 deadline – recognising the COVID chaos, the ATO has prepared ‘pathways’ for businesses seeking payment plans (but will that include extending self-audit time?)

On 5 August 2020, the Assistant Minister for Superannuation: Jane Hume, issued a media release signalling that the ATO is aware that deadline for the Superannuation Guarantee Amnesty is approaching (7.9.20) at a time when the economy is reeling from the effects of the COVID pandemic, the restrictions and the ensuing economic turmoil and damage.…

PS LA 2020/D1 – Super guarantee charge amnesty ending 7 September 2020 – Commissioner’s guidance to staff on remission of additional 200% penalty post-amnesty

On 30 July 2020, the ATO released Draft PS LA 2020/D1, setting out proposed guidelines on the remission of additional super guarantee charge (SGC) after the SG amnesty ends on 7 September 2020. Under Pt 7 of the Superannuation Guarantee (Administration) Act 1992 (SGAA), this additional SGC (Part 7 penalty) is up to 200% of the SGC…

Bell v TPB – TPB publicises its victory in the AAT (upholding their decision to deregister an agent, for want of compliance in his own affairs) but is the TPB independent enough to be doing this?

On 3 August 2020, the Tax Practitioners Board (TPB) posted an article pointing to it’s decision to terminate the registration of at tax agent: Mr Duncan Bell, for not complying with his own tax affairs (this decision was upheld in the AAT, in a decision made on 14 July 2020 and reported on 23 July…

Tax Practitioners Board v Hacker – unregistered director also guilty of unregistered practice, for providing ‘tax agent services’ through an unregistered company

In two related cases, the Federal Court has held that, when an unregistered individual provides ‘tax agent services’ (or BAS services) on behalf of an unregistered company, which charges a fee, the individual also contravenes the Tax Agents Services Act 2009 (TASA), having also provided the services for ‘fee or other reward’. See below for…