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…
On 10 December 2019 (the same day as APRA released its ‘HotSpot’ material for MySuper products) the Australian Financial Review published an article relating to this ‘HotSpot’ material), written by Joanna Mather and Aleks Vickovich titled: ‘Nowhere to hide for dud super funds’. This is revealing material. See below for the article. [Tax Month –…
On 6.12.19, the Board of Taxation has released a second consultation paper, canvassing the ‘reform options’ as part of its review of the operation of Australia’s corporate tax residency rules. It has also called for submissions by 31 January 2020. See below for the ‘Reform Options’ consultation paper and extracts from it. [Tax Month – December…
On Tue 10.12.2019, APRA released it first Heatmap for MySuper products – using a graduating colour scheme to provide like-for-like comparisons across 3 areas of (i) investment performance; (ii) fees and costs; and (iii) sustainability of member outcomes. It has also contacted the trustees of the worst performing MySuper products and asked them to provide or update…