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 Pedley – DPN liability stands – no basis to say that company payments should have been applied company debts for which director was personally liable

Tax Month - August 2019

The Full Federal Court has dismissed an appeal against a decision confirming an ATO application for summary judgment in respect of a director penalty notice (DPN) liability of almost $160,000. There is an important lesson to be learnt here about whether the company should pay (rather than the director pay the DPN amount) and if…

Treasury Laws Amendment (Putting Members’ Interests First) Bill 2019 – require insurance, in superannuation funds, be provided on an opt-in basis for: (i) account balances less than $6,000; and (ii) members under 25 years old

Tax Month - July 2019

The Government introduced the Treasury Laws Amendment (Putting Members’ Interests First) Bill 2019  on 4 July 2019, to effect amendments that would require insurance, in superannuation funds, be provided on an opt-in basis for: (i) account balances less than $6,000; and (ii) members under 25 years old – commencing on on or after 1 October 2019. See related Tax Technical article…

‘Opt-in’ insurance in super funds for members under 25 or with sub $6,000 account balances – Senate Committee’s report tabled

Tax Month - August 2019

The Treasury Laws Amendment (Putting Members’ Interests First) Bill 2019 was  introduced on 4 July 2019 (and at the time of writing, had not progressed past that point). It proposes to require insurance within superannuation be provided on an opt-in basis for: (i) account balances less than $6,000; and (ii) members under 25 years old. On Tuesday 23.7.19, the…

Treasury Laws Amendment (2018 Superannuation Measures No 1) Bill 2019 reintroduced – SGC opt out for some employers of multi-employer members; NALI provisions extended to non-arm’s length expenses and ‘Total Superannuation Balance’ to include LBRA balances in some cases

Tax Month - August 2019

The Treasury Laws Amendment (2018 Superannuation Measures No 1) Bill 2019 was introduced in the House of Reps on Wed 24.7.2019 (and, at the time of writing, had not progressed pass first reading stage). It re-introduces measures in the similarly named  2018 Bill (which lapsed when Federal Parliament was prorogued for the Federal election). See…

Measure to ensure that ‘salary sacrificed’ to employer superannuation contributions do reduce the SGC employer contribution

Tax Month - August 2019

The Treasury Laws Amendment (2019 Tax Integrity and Other Measures No. 1) Bill 2019 – Schedule 7, will ensure that that the amount of salary an individual sacrifices to employer superannuation contributions, does not reduce the earnings base on which SGC contributions are calculated and that the employer sacrifice contributions can’t be used to satisfy…

Treasurer’s ‘roadmap’ to the Governments’ legislative response to Commissioner Hayne’s recommendations in his Banking Royal Commission Final Report

Tax Month - August 2019

On 19 August 2019, the Federal Treasurer: Josh Frydenberg issued a press release setting out his Government’s ‘road map’ for introducing and passing legislation recommended by Commissioner Ken Hayne, in his Final Report into his commission to investigate wrong doing in the Financial Services Industry (commonly known as the Banking Royal Commission). See below for…