In a 31 January 2020 decision (reported 26.2.20) the AAT held that a taxpayer had failed to prove that he made creditable acquisitions and therefore he was not entitled to input tax credits (ITCs). See below for a summary of the decision. [Tax Month – February 2020]
On 24 February 2020, the AAT upheld the Commissioner’s objection decision, which was based on denying a German working holiday maker ‘resident’ status in Australia. See below for a summary of the case. [Tax Month – February 2020]
In January 2020, the ATO advised of two common errors they were seeing from lawyers and conveyances, that were holding up the processing of GST property credits. See below for details. [Tax Month – February 2020]
K&L Gates lawyers, have issued a newsletter reminding readers that, from 1 April 2020, company directors will be personally liable for any unpaid GST, luxury car tax (LCT) and wine equalisation tax (WET), in addition to the pay as you go withholding (PAYGw) and superannuation guarantee contributions (SGC) debts, that are already captured under the current…
On 17 February 2020, the ATO updated its guidance on SMSF’s guidance on ‘investment strategies’, covering what needs to be in it; what restrictions are there, on investments; the role of ‘diversification’; what ‘giving effect to’ that strategy means; how often the strategy ought be reviewed; what is the auditor’s role in the Fund’s investment…
Speaking at the SMSF Association National Conference on the Gold Coast on 19 February 2020, Assistant Minister for Superannuation: Senator Jane Hume, said it remains Government policy to enact this change from 4 to 6 maximum SMSF members, but it will be progressed in line with the Government’s other legislative priorities. See below for further details. [Tax Month…
On Friday 21 February 2020, the Tax Institute’s Senior Tax Counsel: Bob Deutsch, published an article in the Institute’s weekly Tax Vine (No. 6 of 2020) entitled: Superannuation – too much or not enough? This canvasses the very current issue of whether the SGC minimum employer contributions should continue (as currently legislated) to increase to 12%…
On 11 February 2020, the OECD released a report on Transfer Pricing Guidance on Financial Transactions. This is significant as it is the first time the OECD has issued guidelines on this type of transactions. See below for details. [Tax Month – February 2020]
On 19 Feb 2020, the ATO uploaded a post saying that leaders from five international tax organisations (J5) have come together in Sydney, Australia this week (17-21 February) to review the J5’s progress, in their fight against transnational tax crime and set priorities for the year ahead. This was like a joint ‘communique’ achieving some global…
Unusually, the Crimes Legislation Amendment (Combatting Corporate Crime) Bill 2019, was introduced on in the Senate (on 2.12.19) and a Senate Committee conducted a public hearing on 12 Feb 2020, to inquire into and report of the effect of this Bill, if passed. The Bill would amend the Criminal Code Act 1995 and the Director of…