The ATO has released its findings on SMSF auditor number (SAN) misuse mailout to SMSF auditors for SMSF annual returns (SAR) lodged for the 2018 income year – as part of its measures to stop unregistered auditors appropriating the number of a registered auditor. See below for details. [Tax Month – August 2020]
In a media release on Thur 20.8.2020, the TPB unveiled its 2020-21 corporate plan in conjunction with its 10th anniversary, outlining its purpose, vision and values for the coming year. TPB Chair, Ian Klug AM in his introductory message spoke to the importance of the profession’s role in upholding the integrity of the tax system…
On 19.8.2020, ASIC announced it had cancelled, or imposed conditions on, the registration of a number of auditors of self-managed superannuation funds (SMSFs) who had not maintained an appropriate level of audit experience. See below for details. [Tax Month – August 2020]
On 17 August 2020, the Full Federal Court set aside a freezing order so far as it applied to overseas assets because there was ‘no realistic possibility of enforcement’ in those jurisdictions (Hong Kong and China). See below for details. [Tax Month – August 2020]
On 17 August 20920, the Full Federal Court effectively reinstated an AAT decision that the unrelated clients test for the purposes of the personal services income (PSI) rules was not satisfied. This is the ‘LinkedIn’ advertising case, where the Federal Court overturned the initial AAT decision in the Commissioner’s favour. See below for details. [Tax…
On 17 August 2020, ASX listed DomaCom issued a Media Release for the ASX, advising that it had received advice from the ATO that the ‘downsizer’ superannuation contribution concession, can be claimed on proceeds from the sale of partial interest in their home, which can be done using their Senior Equity Release platform. DomaCom lost a…
On 17 August 2020, the ATO posted an article on its website, entitled: “19-year tax fraud probe ends in jail time for scheme promoter”. It tells how the fifth and final promoter of these company stripping schemes was convicted and jailed (just like the other 4). See below for details. [Tax Month – August 2020]
On 18 August 2020, the ATO updated a range of JobKeeper advices it has posted on its website, relating to the addition of an extra date by which an employee has to be employed – for the employer to be eligible for the stimulus benefit. See below for details. [Tax Month – August 2020]
In August 2020, the Inspector-General of Taxation and Taxation Ombudsman (IGTO), Karen Payne, has released edition 13 of the IGT’s newsletter – “IGot News”. In this edition, the IGTO reflects on complaints in relation to COVID-19 support measures (JobKeeper, Cashflow Boost and Early Access to Super), key achievements in FY20 and what’s to come in…
On 14 August 2020, the Treasurer made the 7th amendment to the JobKeeper rules – the Coronavirus Economic Response Package (Payments and Benefits) Amendment Rules (No 7) 2020. This was to change the JobKeeper employment reference date to 1 July 2020 (from 1 March 2020) for determining employee eligibility – for fortnights that commence on or after 3 August 2020. This was…