On Friday 13 March 2020, The Tax Institute’s Senior Tax Counsel: Bob Deutsch published his weekly ‘Report’ in its newsletter: TaxVine (#9) entitled: TRANSFER PRICING – A simple topic; some complex solutions!. It is a simplified explanation of ‘transfer pricing’, which is a reference to a means by which multi-national groups can ‘transfer’ profits – by…
On Friday 13.3.20, the ATO Consultation Steering Group issued its ‘February 2020 Consultation Report’. See below for the Report and a table of contents. [Tax Month – March 2020]
On 13 March 2020, the ATO posted an article saying the 2020 SMSF Annual Return will be available at the end of May 2020 and will include a number of label changes. See below for details [Tax Month – March 2020]
On Thursday 12 March 2020, the ATO posted an article advising SMSFs that being more than 2 weeks late in lodging any annual return, and it hasn’t requested a deferral, it will change the status of the SMSF, on Super Fund Lookup (SFLU) to ‘Regulation details removed’. See below for details. [Tax Month – March 2020]
On Thursday, 12 March 2020, the Ministers for the Department of Social Services (Ruston, Robert, Landry and Howarth) issued a Media Release announcing that the Social Security ‘deeming rates’ would be lowered by 0.5% (50 percentage points) – double the Reserve Bank’s 0.25% cut in interest rates on Tuesday 3 March 2020 (conceding there was…
On 11 March 2020, the ATO posted an article noting that the High Court had upheld its position that BHP was taxable on all of it’s share of the income from its marketing hub and welcoming that decision – BHP Billiton Limited v Commissioner of Taxation [2020] HCA 5 (see related TT article, also). The ATO makes some…
On Wed 11 March 2020, the High Court dismissed an appeal from a decision of the Full Court of the Federal Court of Australia – upholding CFC ‘attribution’ assessments on with whole of the Australian ‘dual listed’ entity’s share of the Marketing Hub ultimately owned by the Australian and UK dual listed entities. The High…
In a 31 January 2020 decision (reported 26.2.20) the AAT held that a taxpayer had failed to prove that he made creditable acquisitions and therefore he was not entitled to input tax credits (ITCs). See below for a summary of the decision. [Tax Month – February 2020]
On 24 February 2020, the AAT upheld the Commissioner’s objection decision, which was based on denying a German working holiday maker ‘resident’ status in Australia. See below for a summary of the case. [Tax Month – February 2020]
In January 2020, the ATO advised of two common errors they were seeing from lawyers and conveyances, that were holding up the processing of GST property credits. See below for details. [Tax Month – February 2020]