Key Points: Mr John Morgan, of the Victorian Bar, delivered a paper, at the Tax Institute’s 2019 National Convention, in Hobart in March. It was titled: “When does ‘tax advice’ become ‘legal advice’ and thus ‘unqualified legal practice’? ” He concluded that, subject to the Tax Agents Services Act 2009 (Cwth) (TASA 2009) being constitutionally valid,…
Practice Statement PS LA 2018/1, issued on Thurs 18.10.2018, sets out the factors that ATO staff may need to consider when forming an opinion as to whether an SMSF auditor: is not a fit and proper person to be an approved SMSF auditor; has contravened the SIS Act or SIS Regs in conducting an SMSF audit; or…
Invalid objections to GST private rulings? It is my pleasure to present this week’s preamble while Bob takes a well-earned break. Late last year, The Tax Institute raised an issue with the ATO in relation to objections to GST-related private rulings. The issue concerned the interpretation of subsection 359-60(3) of Schedule 1 to the…
Key Tax News – On 11 December 2018, the European Commission announced new details for a coordinated, EU wide, VAT system for sale of goods by ‘large online market places’, into the EU, using a single ‘one-stop-shop’ approach, to registering, for sales into any and all EU member states (based on the e-services’ model already in…
Key News Summary – there is growing momentum to leave the October 2018 Consultation Paper approach, to reforming ‘Division 7A’, in favour of something more sensible – including reverting to the approach suggested by the Board of Taxation, in its 2014 Report. The Tax Institute said that in their opinion, the Government’s approach in…
Key News Summary – The Commissioner has issued a draft Law Companion Ruling supporting the still unlegislated ‘non-arm’s length expenditure’ (NALI) extension to the NALI provisions for superannuation funds On wed 19.12.2018, the ATO issued Draft Law Companion Ruling LCR 2018/D10, which discusses the proposed amendments to the non-arm’s length income (NALI) rules where a…
Key News Summary – to assist with the coming anti-hybrid mismatch rules, the Commissioner has issued Draft Law Companion Ruling LCR 2018/D9 and Draft Practical Compliance Guideline PCG 2018/D9. On Wed 19.12.2018, the ATO issued 2 products – Draft Law Companion Ruling LCR 2018/D9 and Draft Practical Compliance Guideline PCG 2018/D9 – on the recently…
Key News Summary – The ATO has issued a draft determination that ‘credit card providers’ acquisitions are only partly creditable, as the supply of the credit to the customer is input taxed (as a financial supply) but the supply of payment services, to the merchant, is not. On Wed 19.12.2018, the ATO issued Draft…
Key News Summary – ATO reminds auditors of SMSFs, of the fund’s SIS reg 8.02B obligation to have assets in their accounts at ‘market value’ and their obligation to verify this market value (though not to do their own valuation). Auditors must be accredited, by ASIC, to audit SMSFs, and the ATO points out that…
Key News Summary – a director was held liable for almost $160,000 of a company’s PAYGw liabilities, under the DPN provisions, because the company’s instalment payments were not made under any agreement to pay the company’s parallel (DPN) liabilities first, and so were allocated to liabilities to the ATO on the PS LA 2011/20 basis…