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…
The Federal Court has ordered a promoter of schemes that facilitated the illegal early release of super funds to pay a civil penalty of $220,000 and further restrained her for 7 years from being involved in the establishment of SMSFs. See the related Tax Technical article, from 2018, where the Commissioner obtained an interim injunction.…
On 5.12.19, the Government introduced the Treasury Laws Amendment (Research and Development Tax Incentive) Bill 2019 to ‘better target the Research and Development Tax Incentive (R&DTI) and to ensure its ongoing sustainability’ (as the Ministers said in their joint press release). This was first announced in the 2018-19 Budget. See below for the Treasurer’s Media Release and…
On Thursday 5 December 2019, the Government introduced the Treasury Laws Amendment (2019 Measures No 3) Bill 2019 into the House of Representatives – proposing various amendments – many of which were previously flagged. See below for a summary of the measures included in this Bill. [Tax Month – December 2019]
A taxpayer has been able to secure partial release, from his tax debt, based on suffering ‘serious hardship’, if required to pay $949,365 in total tax related liabilities (about $910k of GIC or General Interest Charge and about $40k in primary tax). This matter came to the AAT, because the Commissioner had refused to exercise…
On Thursday 5 December 2019, the Australian Financial Review published an article by one of its Senior Writers: John Kehoe, entitled: Australia’s tax take is second-highest in world. Yes, we are second only to Denmark, due to our reliance on direct income taxes. See below for article. [Tax Month – December 2019]
On 4 December 2019, the Australian Financial Review published an article by its Legal Affairs Editor: Michael Pelly, entitled: High Court torpedoes class actions. This was the same day, as the High Court struck down two class funding orders and was about that case – see related Tax Technical article. See below, for the article. [Tax Month…
On Wed 4.12.19, the High Court allowed an appeal from a decision of the Full Court of the Federal Court of Australia and an appeal from a decision of the Court of Appeal of the Supreme Court of New South Wales – effectively striking down ‘class funding orders’ in representative class actions. See related Tax Technical…