On 22 August 2019, the ATO posted it’s summary of ‘Key Messages’ from its June 2019 ‘National Tax Liaison Group’ (NTLG) meeting, covering the various matters above. Amongst these was an item about whether the ‘Commissioner’s Remedial Power’ is working as it should (not enough referrals getting through). See below for details about the Remedial…
On 8n August 2019, the Board of Taxation met, in Adelaide, and the acting CEO: Lynn Kelly, posted her ‘August 2019 Update’ giving a summary of that meeting. See below for further details. FJM 31.8.19 [Tax Month – August 2019]
On 22 August 2019, the Law Institute of Victoria (LIV) also made submissions, to the Legal Services Council, opposing the ATO’s 25.6.19 proposal, to amend the Legal Services Uniform Law and General Rules so that they would endanger lawyers’ livelihood, if there were conduct which would, or might, offend the prohibitions in the so called…
The New Zealand Supreme Court (NZSC), as the ultimate NZ appellate court, has dismissed the Commissioner of Inland Revenue’s application to appeal from the decision of the NZ Court of Appeal (NZCA) in Commissioner of Inland Revenue v Chatfield & Co Limited [2019] NZCA 73. See below for further detail. FJM 31.8.19 [Tax Month – August 2019]…
On 27th August 2019, Pointon Partners, Lawyers, issued the 2nd of their State Taxation Series – Land Tax Trust Surcharge – Nomination of Principal Place of Residence (PPR) beneficiary and notice of beneficial interests. See below for further details. FJM 31.8.19 [Tax Month – August 2019]
On 29 August 2019, the Law Council of Australia (LCA) made submissions opposing the ATO’s 25.6.19 proposal, to change the Legal Profession Uniform Law and General Rules, to require lawyers to report any ‘Promoter Penalty’ conduct, to their local (Vic or NSW) regulator, when applying for, or renewing, a practising certificate and as a reportable…
The Tax Institute’s weekly email on 30.8.19: TaxVine, Professor Bob Deutsch included his Senior Tax Counsel’s Report, entitled ‘Using tax havens – the not so bad, the bad and the downright ugly!’ And, in a similar vein, see a related Tax Technical article on the ICIJ’s latest revelation: the ‘Mauritius Leaks’. See below for further…
The Taxation Committee of the Business Law Section of the Law Council of Australia (the Committee) made submissions to the Senate Economics Legislation Committee on the performance of the IGT, by way of letter dated 30 August 2019. See below for the terms of reference and the LCa summary of the submissions and the submissions verbatim.…
On 28.8.19, the ATO has issued Draft Practical Compliance Guideline PCG 2019/D3 to provide detailed guidance and a risk assessment framework on applying the the arm’s length debt test in the thin capitalisation rules. This followed the earlier release of Draft Ruling TR 2019/D2 on this test (titled: Income tax: thin capitalisation – the arm’s length debt test – on 5.4.19).…
On 28 August 2019, the Australian Small Business and Family Enterprise Ombudsman: Kate Carnell put out a media release saying she is concerned by reports the government (the ATO) has clawed back $200 million, in the 2018 financial year, from businesses who have claimed the R&D Tax Incentive and has been investigating the impact of…
