On 13 January 2020, a delegate of the Commissioner of Taxation: Louise Clarke, made a declaration under the Commissioner’s ‘Remedial Power’ deeming the secrecy provisions to be amended so as to allow deceased estate information to be given to the tax agent or lawyer of the Estate’s executor, administrator or their lawyers and on 29…
The Tax Practitioners Board (TPB) has updated its Information Sheet: Reasonable care to ascertain a client’s state of affairs, information sheet, to include Examples 9 & 10 about the Black Economy. See below for details. [Tax Month – January 2020] The TPB issued an ‘information sheet’: TPB(I) 17/2013, in 2013, to flesh out…
On 24 January 2020, the ATO uploaded a post, entitled: ‘Global tax chiefs undertake unprecedented multi-country day of action to tackle international tax evasion’. It relates to coordinated action by the J5 nations to investigate a financial institution in Central America. See below, for further details. [Tax Month – January 2020]
In November 2018, the then Minister for Women: Kelly O’Dwyer announced that her Government would move the amendment of the superannuation law (SISreg 6.19A) to allow the early release of superannuation, for victims of family and domestic violence (see related TT article). The then Assistant Tresaurer: Stuart Robert, also issued a Media Release. However, In…
On 21 January 2019, the ATO posted an article advising that ‘AUSkey’ closes in nine weeks (late March) and ‘myGovID’ will become the default login option on the Online services for agents login page, from 25 January 2020. See below for the post. [Tax Month – January 2020]
On 25 Oct 2019, the AAT (McCabe DP), a couple have largely failed to satisfy the AAT that amounts assessed by the ATO were loans or loan repayments – in another “where did the money come from” case. See below for a summary of the case. [Tax Month – January 2020]
On 20 September 2019, the County Court of Victoria (Marks J) held that the Deputy Commissioner of Taxation was not entitled to be repaid overpaid GST refunds from a tax agent, who didn’t pass them on to its client. See below for a summary of the case. [Tax Month – January 2020] [WARNING –…
On 20 December 2019, the Federal Circuit Court ruled that an offshore gas worker was only entitled to superannuation contributions under an industrial agreement up to the “maximum contribution base” in accordance with the Superannuation Guarantee (Administration)Act 1992 (SGAA). See below for a summary of the case. [Tax Month – January 2020]
On Monday 20 Jan 2020, Treasury released an exposure draft of legislation to establish a Deductible Gift Recipient (DGR) general category for ‘men’s sheds’ and ‘women’s sheds’ as announced in the 2019 Federal Budget. See below for more detail about this draft material. [Tax Month – January 2020]
On Friday17 Jan 2020, The Tax Institute sent the first of it’s weekly ‘TaxVine’ email updates, and their Senior Tax Counsel: Bob Deutsch’s Report focussed on property investors and a number of specific changes that will impact on certain property investors and could require action if the worst aspects are to be avoided. See below for further…