On 10 September 2022, the Senate passed the Treasury Laws Amendment (Enhancing Superannuation Outcomes For Australians and Helping Australian Businesses Invest) Bill 2021 with no amendments. It therefore awaits assent. The Bill passes various Budget Superannuation measures, to encourage superannuation contributions, and a temporary extension of the measures to allow capital expenses to be deductible in…
On 11.2.22, the Tax Institute emailed members (in TaxVine 3) the views of their Senior Advocate: Robyn Jacobson, CTA, on the existing laws about the interlocking income tax and FBT treatment, of the costs of COVID-19 tests and the necessity of the recently announced changes to the law. They are to ensure the deductibility of…
Four years after suspending their guidelines relating to the allocation of profits of professional firms, the Australian Taxation Office (“ATO”) released PCG 2021/4 (“Guidelines”) setting out its revised compliance approach. The Guidelines provide for a “traffic light style” risk assessment framework containing three risk factors that allow certain professionals to self-assess their risk of ATO compliance…
The ATO has successfully appealed an AAT decision which had overturned the Commissioner’s disqualification of a trustee of a self-managed superannuation fund (SMSF). The AAT had affirmed a non-compliance notice given to the SMSF for multiple breaches of the SIS Act but set aside the ATO’s decision to disqualify the trustee under s126A of the…
The SMSF Association has released its 2022-23 Federal Budget submissions, including a call for the simplification of transfer balance caps (TBCs); the number of total super balance (TSB) thresholds to be reduced; indexation of key small business CGT concession thresholds; redrafting of the non-arm’s length expenditure (NALE) rules; compliance relief for minor breaches by non-geared…
The Corporate Collective Investment Vehicle Framework and Other Measures Bill 2021 was introduced in the House of Reps on 25 November 2021 proposing to introduce a corporate funds management vehicle to be taxed as an AMIT (a CCIV). It was promptly referred to a Senate Committee, which delivered its report on 3 February 2022. The recommendation was that Parliament…
The Tax Institute has made its submissions to the Government about what they ought address, in their 2022-23 Federal Budget. The Budget is currently scheduled to be handed down on 29 March 2022 (see this article about how this knits with the election cycle, and the chances of it being changed). The Institute gave the…
The Australian Institute of Superannuation Trustees (AIST) issued a media release on 28 Jan 2022, saying it has recommended changes to the superannuation system to ensure all Australians benefit from the strong returns being achieved by super funds and to enhance the equity of the system. Budget Changes ASIST recommended, are outlined in its Pre-Budget…
On 23 August 2021, the Senate passed a motion ordering the Commissioner of Taxation to provide protected information about some businesses which received JobKeeper Payments. The ATO takes its obligations to uphold taxpayer secrecy laws very seriously. As you may be aware, the Commissioner pursued a claim for public interest immunity in this matter. The…
T a x T e c h n i c a l – M o n t h l y N e w s – February 2022 Edition – ‘Tax Developments’ for tax practitioners by a tax practitioner. Compiled by F John Morgan A member of the Victorian Bar (www.FJMtax.com) Table of Contents ______________________________________________________________________________ …