DCT v Pedley (No 2) – DPN liability stands – instalments not applied to company debts with ‘parallel’ liability for director

Key News Summary – a director was held liable for almost $160,000 of a company’s PAYGw liabilities, under the DPN provisions, because the company’s instalment payments were not made under any agreement to pay the company’s parallel (DPN) liabilities first, and so were allocated to liabilities to the ATO on the PS LA 2011/20 basis…

Labor would give employees a right to chase their own super and increase ‘fines’ for under-reporting to the ATO

Key News Summary – on 16.12.18, the Shadow Treasurer announced that a Labor government would change the laws to give employees a legal right to collect their own superannuation and the Commonwealth the right to impose fines of 10% and 300% of un/under paid superannuation contributions, if there are misleading statements or under-reporting to the…

Redundancy and early retirement scheme payments – Change to extend the current 65 age cap to match Age Pension eligibility

Key News Summary – the Treasurer announced an extension of the age, up to which an individual can get the tax-free portion of ‘genuine redundancy payments’ and ‘early retirement scheme’ payments. The age will be extended to match the increasing age threshold for the Age Pension.   On 15.12.18, the Treasurer announced a change to…

Reform of the PRRT – uplift rate for expenditure and removing ‘onshore’ projects – draft legislation

Key News Summary – On 14.12.18, the Government release draft legislation to reform the PRRT, (i) lower the uplift rates from LIBOR+15% points that apply to certain categories of carried-forward expenditure, to LIBOR+5% points, from 1 July 2019; and (ii) remove onshore petroleum projects from the scope of the PRRT.   The PRRT is a profit-based…

Corporate tax transparency report for the 2016–17 income year for public companies $100m turnover; private $200m

Key News Summary – the Commissioner has released the 4th Corporate Tax Transparency Report, for the 2016-17 year showing 2019 entities, with overall  increases in all of total income, taxable income, tax payable and the number of entities. 14 entities pay the PRRT and 20% to 30% of the ASX 500 report current year losses.  …