T a x T e c h n i c a l – M o n t h l y N e w s – December 2019 Edition – Tax developments for tax practitioners by a tax practitioner. Compiled by F John Morgan A member of the Victorian Bar (www.FJMtax.com) Table of Contents ______________________________________________________________________________ You…
On 27 November 2019, the Government introduced the Treasury Laws Amendment (Your Superannuation, Your Choice) Bill 2019 – to extend the ‘choice’ of superannuation fund rights, to employees covered by an enterprise agreement or workplace determination, from 1 July 2020. See below for further details and links to the Bill and EM. [Tax Month – November 2019]
On 13 Nov 2019 the Senate Standing Committee for the Scrutiny of Bills issued ‘Scrutiny Digest 8 of 2019’ covering the Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures) Bill 2019 – Schedule 1 of which would cut ‘non-residents’ loose when disposing of their ‘main residence’. The Committee was critical of its retrospectivity, but unfortunately,…
On 28 Nov 2019, the Australian Financial Review published an article by its Political Reporter: Tom McIlroy, titled: Tax slug looms for expat property owners. This is about the clumsy and blunt measure the Government is still pushing through Parliament, that would deny non-residents any ‘main residence’ CGT exemption, if they are non-residents when they sell…
On Wed 27.11.19, the Lower House of the Australian Parliament passed three Bills, relating to: Illegal Phoenixing, removing the ‘main residence’ CGT exemption from ‘non-residents’ and ‘near new dwelling exemption certificates’ for developers on sales to foreign persons. Depriving non-residents, of the the whole of their ‘main residence’ CGT exemption, is very controversial because of…
On 22 November 2019, the Federal Court has held that a financial services advice business, contravened the law, by stating in its “Client Protection Policy” that clients received the maximum protection possible under the law – when it in fact stripped them of rights and was false, misleading or deceptive. See below for a summary…
The Commissioner was granted leave to file his appeal late, in the Glencore Investments ‘transfer pricing’ case. See related Tax Technical article. I understand the Commissioner was 5 minutes late in filing. See below for further details. [Tax Month – November 2019]
On Friday 22 November 2019, ASIC issued a media release saying that it had banned financial adviser Jihad Soleiman, of Wollert, Victoria from providing financial services for six years, for advice to establish SMSF’s and invest in property. See below for the Media Release. [Tax Month – November 2019]
Treasury has released a consultation paper as part of the Government’s Retirement Income Review which is seeking to establish a fact base on the operation of the current retirement income system. The review is being conducted by an independent panel chaired by Mr Michael Callaghan. See below for a summary of the Review and extracts…
The AAT has confirmed the ATO’s decision that a person who provided services as part of an asbestos removal/building renovations business was an employee and not an independent contractor. Accordingly, the employer was liable to superannuation guarantee charges amounting to some $15,000. See below for a summary of the case. [Tax Month – November 2019]