What’s Hot in State Taxes (March 2019)

In March 2019, at the The Tax Institute’s National Convention, in Hobart Ms Leah Ranie presented a paper, which she co-authored with Stuart Courtney, Ari Rosenbaum and Greg Protector, all of King & Wood Mallesons, Lawyers. The paper was entitled: What’s Hot in State Taxes.   EXTRACT 1 Introduction The 2018 – 2019 year to date…

Taking the CGT path less travelled – SME Stream

At The Tax Institute’s March 2019 National Convention, in Hobart, Ms Linda Tapiolas; Partner, Cooper Grace Ward Lawyers presented her paper, entitled: Taking the CGT path less travelled.   EXTRACT 1 Introduction There are a number of CGT events which are sometimes overlooked or restructures which are undertaken which may have a significant impact when determining…

When does ‘tax advice’ become ‘legal advice’ and thus ‘unqualified legal practice’?

Key Points: Mr John Morgan, of the Victorian Bar, delivered a paper, at the Tax Institute’s 2019 National Convention, in Hobart in March. It was titled: “When does ‘tax advice’ become ‘legal advice’ and thus ‘unqualified legal practice’? ” He concluded that, subject to the Tax Agents Services Act 2009 (Cwth) (TASA 2009) being constitutionally valid,…

Invalid objections to GST private rulings?

  Invalid objections to GST private rulings? It is my pleasure to present this week’s preamble while Bob takes a well-earned break. Late last year, The Tax Institute raised an issue with the ATO in relation to objections to GST-related private rulings. The issue concerned the interpretation of subsection 359-60(3) of Schedule 1 to the…

EU: announces new VAT rules for e-commerce – on-stop shop registration and ‘large online market places’ liable

Key Tax News – On 11 December 2018, the European Commission announced new details for a coordinated, EU wide, VAT system for sale of goods by ‘large online market places’, into the EU, using a single ‘one-stop-shop’ approach, to registering, for sales into any and all EU member states (based on the e-services’ model already in…

Division 7A reform – quit the ‘band-aid’ approach – and go ‘back to the future’ (the 2014 future)

Key News Summary – there is growing momentum to leave the October 2018 Consultation Paper approach, to reforming ‘Division 7A’, in favour of something more sensible – including reverting to the approach suggested by the Board of Taxation, in its 2014 Report.   The Tax Institute said that in their opinion, the Government’s approach in…

LCR 2018/D10 – Super funds: proposed extension of NALI provisions to ‘non-arm’s length expenditure’

Key News Summary – The Commissioner has issued a draft Law Companion Ruling supporting the still unlegislated ‘non-arm’s length expenditure’ (NALI) extension to the NALI provisions for superannuation funds   On wed 19.12.2018, the ATO issued Draft Law Companion Ruling LCR 2018/D10, which discusses the proposed amendments to the non-arm’s length income (NALI) rules where a…

LCR 2018/D9 & PCG 2018/D9 – Hybrid mismatch rules: ATO guidance on structured arrangements

Key News Summary – to assist with the coming anti-hybrid mismatch rules, the Commissioner has issued Draft Law Companion Ruling LCR 2018/D9 and Draft Practical Compliance Guideline PCG 2018/D9.   On Wed 19.12.2018, the ATO issued 2 products – Draft Law Companion Ruling LCR 2018/D9 and Draft Practical Compliance Guideline PCG 2018/D9 – on the recently…