Category Archives: Tax Month – December 2019

Legislation announced to progressively close down ‘eligible rollover funds’ by 30.6.21 – hastening the Productivity Commission’s recommendation that this be done in 3 years

In a joint media release, on 13.12.19, the Treasurer (Josh Frydenberg) and Assistant Minister for Superannuation, Financial Services and Financial Technology  (Jane Hume) announced that the Government would introduce legislation to facilitate the exit of eligible rollover funds (ERFs) from the industry by 30 June 2021 and allowing the Australian Taxation Office (ATO) to reunite amounts…

Treasury Laws Amendment (Measures for Consultation) Bill 2019: hybrid mismatch rules – draft legislation for changes to ‘hybrid mismatch rules’ – Submissions by 24 Jan 2020

On Friday 13.12.19, Treasury released draft legislation and explanatory material for the announced changes to the ‘hybrid mismatch’ rules and 2 additional changes – called the Treasury Laws Amendment (Measures for Consultation) Bill 2019: hybrid mismatch rules. See below for a summary of these drafts. [Tax Month – December 2019]

ATO reminds taxpayers & agents that Partnership (‘Everett’) assignments since 8 May 2018, returned with ‘small business CGT relief’ will need amendment

On 16 December 2019, the ATO  reminded tax agents (and taxpayers) that they might have to amend their clients (their own) tax returns if they have claimed ‘small business CGT relief, under an ‘Everett’ assignment of a partnership interest, after amending legislation was past. See below for further details about the reminder. [Tax Month –…

ASIC disqualifies director for maximum of 5 years for illegal ‘phoenix’ activity involving $30m owing to the ATO – Taskforce and Assetless Administration Fund

On 17 Dec 2019, ASIC issued a media release announcing it had disqualified a director for five years for engaging in illegal phoenix activity. See below for details of the Media Release. [Tax Month – December 2019]     ASIC disqualified Timothy Elgan Marsh, of Epping, NSW, from managing companies, for the maximum period of…

ABS ‘Personal Income In Australia 2011/12 to 2016/17 – $856bn in personal income in 2016-17 from 13.7m tax returns and other data

On Tuesday 17.12.19, the Australian Bureau of Statistics (ABS) released Personal Income in Australia, 2011-12 to 2016-17. See below for a summary of this release. [Tax Month – December 2019]

Treasury Laws Amendment (Miscellaneous Amendments) Regulations 2019 – relating to ‘reversionary defined benefit pensions, successor fund transfers, deferred superannuation income streams, innovative income streams

On Tuesday 17.12.19, the Government registered Treasury Laws Amendment (Miscellaneous Amendments) Regulations 2019, which make minor and technical amendments to regulations in the Treasury portfolio, including tax laws, corporations laws, superannuation laws and credit laws. The amendments are part of the Government’s commitment to the care and maintenance of Treasury portfolio legislation. See below for a…

Treasury Laws Amendment (Miscellaneous Amendments) Regulations 2019 – service of compliance orders overseas and also general service overseas under the Mutual Assistance Treaty

On Tuesday 17.12.19, the Government registered Treasury Laws Amendment (Miscellaneous Amendments) Regulations 2019, which make minor and technical amendments to regulations in the Treasury portfolio, including tax laws, corporations laws, superannuation laws and credit laws. The amendments are part of the Government’s commitment to the care and maintenance of Treasury portfolio legislation. See below for a…

GSTR 2006/3 (Addendum) – Determining extent of creditable purpose for providers of financial supplies – including ‘direct estimation methods’

On Wed 18.12.2019, the ATO issued an Addendum to GST Ruling GSTR 2006/3, which deals with determining the extent of creditable purpose for providers of financial supplies. See below for a summary of this Addendum. [Tax Month – December 2019]