John Morgan is a tax specialist lawyer of more than three decades experience now practicing at the Victorian Bar - w: www.FJMtax.com e: f.john.morgan@vicbar.com.au

DCT v Babji – DPN summary judgment dismissed – defendant was a director for less than a month, and company liabilities were due up to 2 years earlier (beware the reach of the DPN provisions)

Tax Month - November 2019

The WA District Court dismissed a Deputy Commissioner’s claim for an extension of time to bring a summary judgment application concerning a director penalty notice (DPN) and then dismissed the summary judgment claim itself. DPN liability can apply to underlying company liabilities arising both before and after the directorship period – so beware. See below…

US Democratic candidates floating annual wealth taxes, Estate duty upped to 77%, Federal income taxes upped to 70%, CGT rate doubled to 40% – echos of Labor’s loss in our May 2019 election

Tax Month - November 2019

On Friday 15 Nov 2019, The Tax Institute published an article, in its weekly ‘TaxVine’ news update (#44), by its Senior Tax Counsel: Bob Deutsch, entitled: The American political scene – Are wealth taxes coming?   See below, for the article. FJM 17.11.19 [Tax Month – November 2019]  

Tax Month – November 2019

Tax Month - November 2019

T a x  T e c h n i c a l  –  M o n t h l y  N e w s – November 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…

Financial Synergy Holdings Pty Ltd v FCT – Article in the Australian Tax Forum: Clash of the deeming provisions: pre‑CGT concessions, tax consolidation and policy in the Federal Court

Tax Month - October 2019

The Australian Tax Forum, published an article about the Full Federal Court decision about the Financial Synergy Holdings Pty Ltd v FCT case – entitled: “ Clash of the deeming provisions: pre‑CGT concessions, tax consolidation and policy in the Federal Court”. This was in Volume 31 (2106) and was written by: Carlos Barros, Eu‑Jin Teo and Sarah…

IGT commences two investigations – factors in growth of undisputed tax debts & ATO systems and processes for dealing with deceased estates

Tax Month - October 2019

On 31 October 2019, the new Inspector-General of Taxation, commenced two new investigations:  An investigation and exploration of undisputed tax debts in Australia; and Death and taxes: An investigation into ATO systems and processes for dealing with deceased estates See below for details. FJM 10.11.19 [Tax Month – October 2019]  

ATO gets ‘freezing order’ for assets of a 2nd Chinese national – Ms Min Wang, to whom the ATO has issued a $103m assessment (her company says its development of 72 story tower in Melbourne is unaffected)

Tax Month - October 2019

On 30 October 2019, the Australian Financial Review published an article by Janna Mather and Liz Main, titled: Chinese developer’s assets frozen over $100m tax bill. See below for article. FJM 9.11.19 [Tax Month – October 2019]    

‘Backpacker tax’ held to be invalid by the Federal Court – based on ‘non-discrimination’ clauses in a number of our key Double Tax Agreements

Tax Month - October 2019

On 30 October 2019, the Australian Financial Review published an article by Tom McIlroy, titled: ‘Discrimination based on nationality’: backpacker tax ruled invalid. This is about the effect of non-discrimination clauses in various key Double Tax Agreements (DTAs). See related Tax Technical article. See below for the article. FJM 5.12.19 [Tax Month – October 2019]  …