In a joint media release, on 13.12.19, the Treasurer (Josh Frydenberg) and Assistant Minister for Superannuation, Financial Services and Financial Technology (Jane Hume) announced that the Government would introduce legislation to facilitate the exit of eligible rollover funds (ERFs) from the industry by 30 June 2021 and allowing the Australian Taxation Office (ATO) to reunite amounts…
On Friday 13.12.19, Treasury released draft legislation and explanatory material for the announced changes to the ‘hybrid mismatch’ rules and 2 additional changes – called the Treasury Laws Amendment (Measures for Consultation) Bill 2019: hybrid mismatch rules. See below for a summary of these drafts. [Tax Month – December 2019]
On 16 December 2019, the ATO reminded tax agents (and taxpayers) that they might have to amend their clients (their own) tax returns if they have claimed ‘small business CGT relief, under an ‘Everett’ assignment of a partnership interest, after amending legislation was past. See below for further details about the reminder. [Tax Month –…
On 10 December 2019, the ATO posted a detailed ‘Consultation Report’ reporting on, variously: consultation matters received and completed; Draft advice and guidance products open for consultation; Stewardship Groups; Special purpose working groups; Stakeholder relationship groups (with a great many links to other pages on the ATO’s website). See below for details of the Report. [Tax Month –…
On 17 Dec 2019, ASIC issued a media release announcing it had disqualified a director for five years for engaging in illegal phoenix activity. See below for details of the Media Release. [Tax Month – December 2019] ASIC disqualified Timothy Elgan Marsh, of Epping, NSW, from managing companies, for the maximum period of…
On Tuesday 17.12.19, the Australian Bureau of Statistics (ABS) released Personal Income in Australia, 2011-12 to 2016-17. See below for a summary of this release. [Tax Month – December 2019]
The Foreign Acquisitions and Takeovers Amendment (Australia-Hong Kong Free Trade Agreement) Regulations 2019 were registered on 16 December 2019, under the Foreign Acquisitions and Takeovers Act 1975. See below for a summary of the Regulations. [Tax Month – December 2019]
On Tuesday 17.12.19, the Government registered Treasury Laws Amendment (Miscellaneous Amendments) Regulations 2019, which make minor and technical amendments to regulations in the Treasury portfolio, including tax laws, corporations laws, superannuation laws and credit laws. The amendments are part of the Government’s commitment to the care and maintenance of Treasury portfolio legislation. See below for a…
On Tuesday 17.12.19, the Government registered Treasury Laws Amendment (Miscellaneous Amendments) Regulations 2019, which make minor and technical amendments to regulations in the Treasury portfolio, including tax laws, corporations laws, superannuation laws and credit laws. The amendments are part of the Government’s commitment to the care and maintenance of Treasury portfolio legislation. See below for a…
On Wed 18.12.2019, the ATO issued an Addendum to GST Ruling GSTR 2006/3, which deals with determining the extent of creditable purpose for providers of financial supplies. See below for a summary of this Addendum. [Tax Month – December 2019]
