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

Glencore Investment Pty Ltd v CofT – ‘Swiss Head Co – Aus Sub’ Pricing Agreement did not offend either Div 13A or Subdiv 815-A Transfer Pricing Provisions (within arm’s length and restructuring agreement not permitted)

Tax Month - September 2019

On 3.9.19, the Federal Court has held that the price paid by the a different Glencore company (to the one involved in the recent High Court ‘legal professional privilege’ case) to its Australian subsidiary, for copper concentrate, was within an arm’s length range for transfer pricing purposes. See related Tax Technical article for the ATO’s…

Taxation of the Digitalised Economy – An Informal Update by Tony Stolarek given to the Melbourne Taxation Discussion Group

Tax Month - September 2019

Tony Stolarek of Consulting Firm: E&Y, presented an Informal Update on the ‘Taxation of the Digitalised Economy’ to the July 2019 meeting of the Melbourne Tax Discussion Group. In aid of this he circulated the Power Point presentation, which appears below. See below for the Presentation and a summary of it. FJM 7.9.19 [Tax Month…

Treasury Paper on ‘progressive tax rates’ in Australia – just how much difference is there in the tax paid by the top ‘decile’ over the last 22 years?

Tax Month - September 2019

On 3.9.19, Treasury released a ‘working paper’ entitled: Recent personal income tax progressivity trends in Australia. It makes interesting observations about the benefits and costs of progressive tax rates and reviews the proportions of tax that have been paid over the 22 years from 1994-5 to 2015-6. See below for further details and a link…

Glencore v CofT – Law Council’s summary of the High Court’s seminal decision holding ‘legal professional privilege’ is only a ‘shield’ not a ‘sword’

Tax Month - August 2019

The Law Council of Australia produced a summary of the seminal High Court case holding, effectively, that ‘legal professional privilege’ was a ‘shield not a sword’ (see related Tax Technical articles: the High Court summary, an AFR article and the Commissioner’s take on the case). The LCA summary was released one day after the High Court…

Binqld Finances Pty Ltd (In Liq) v Israel Discount Bank Ltd – Commissioner ordered to produce a copy of his deed, with certain taxpayer information redacted because it was “protected” under TAA53 secrecy provisions

Tax Month - August 2019

On 31 July 2019, the Federal Court has held that information, about the income tax liabilities of various taxpayers, was “protected information” for the purposes of the confidentiality provisions of Div 355 of the TAA53. See below for further details. FJM 2.9.19 [Tax Month – August 2019]        

ASIC disqualifies Cairns director from managing companies after engaging in illegal phoenix activity

Tax Month - August 2019

On 20 August 2019, ASIC issued Media Release 19-214 MR, saying that it had disqualified Mr Steven Paul Corradi of Redlynch, QLD, from managing companies for five years, the maximum disqualification period, because of his involvement in seven failed companies, which showed evidence of illegal phoenix activity. See below for further detail. FJM 2.9.19 [Tax Month –…

Firefighters Benefit Fund of WA Inc v CofT – Firefighters Benefit Fund carrying on insurance business for income tax purposes and was therefore assessable on receiving member contributions

Tax Month - August 2019

On 20 August 2019, the AAT affirmed a private ruling that the Firefighters Benefit Fund of WA (the Fund) was a company carrying on the business of insurance for the purposes of s121 of the ITAA 1936. See below for further details. FJM 31.8.19 [Tax Month – August 2019]