On Wed 18.12.2019, the ATO issued 2 products for credit card issuers: GST Ruling GSTR 2019/2 (determining the creditable purpose of acquisitions in a credit card issuing business) and Practical Compliance Guideline PCG 2019/8 (ATO compliance approach to GST apportionment of acquisitions that relate to certain financial supplies). See below for a summary of this Ruling and Guide. [Tax…
On 29 January 2020, the Commissioner updated his ruling on ‘genuine redundancy payments’ to include amendments extending concessional tax treatment from age 65 to social security pension age (which is typically later than age 65). See below for further details. [Tax Month – January 2020]
On Wed 18.12.2019, the ATO issued an Addendum to Law Companion Ruling LCR 2016/12, its ruling on calculating an individual’s total superannuation balance. See below for a summary of the Addendum. [Tax Month – December 2019]
On 18.12.19, the Commissioner issued Taxation Ruling TR 2019/6, finalising his public position on the meaning of “in Australia” for deductible gift and a similar requirement for charity income tax exemption and franking credit purposes. See below for a summary of this ruling and the relevant law. [Tax Month – December 2019]
On 13.12.19, the AAT found against a taxpayer on income tax and GST assessments, because he did not produce sufficient evidence to substantiate his contentions. See below for a summary of the case. [Tax Month – December 2019]
The Full Federal Court has dismissed the ATO’s appeal against a decision that the trustee of a family trust was not presently entitled to income of another trust that was a public trading trust. See below for a summary of the case. [Tax Month – December 2019]
On 16 December 2019, the Full Federal Court ruled in favour of the Australian Taxation Office (ATO), in two separate cases, agreeing that a particular ‘horse racing club’ and a ‘state racing board’ were required to pay superannuation contributions, on amounts they pay to jockeys, for riding the horse. See below for a summary of…
On 18 December 2019, e-commerce giant: Google announced that they have settled their dispute with the ATO for an additional $481m and on the same day the ATO posted an article reporting this and putting it’s own spin on the background. See below for the ATO post. [Tax Month – December 2019]
On 18 December 2019, the Australian Taxation Office (ATO) posted that it will request a further five years’ worth of policy information from over 30 insurance companies about taxpayers who own marine vessels, thoroughbred horses, fine art, high value motor vehicles and aircraft. See below for further details from the ATO’s post. [Tax Month – December…
The Tax Institute conducted its 7th Annual Victorian Tax Forum, in Melbourne over 17 & 18 October 2019, and Mr Neil Brydges of Melbourne legal firm: Sladen Legal, delivered a paper entitled: ‘Australian Residents, Foreign Trusts and Foreign Funds – The New Black! ‘ This is an important paper covering the Australian tax implications for Australian taxpayers becoming…
