In a decision reported on 2 June 2020, the AAT largely upheld the Commissioner’s assessments and amended assessments – even though the ATO may have double counted some transactions. See below for further details. [Tax Month – June 2020]
On 20 December 2019, The AAT has upheld assessments disallowing $122m in input tax credits claimed by a gold refining company in relation to a scheme involving the acquisition and refining of scrap gold (but the decision was not published until 22 January 2020). See below for details. [Tax Month – January 2020]
On 22 January 2020, the Treasurer released a ‘Proposal Paper’ on extending the Banking Executive Accountability Regime (BEAR) to all APRA-regulated entities (including superannuation RSE licensees), as recommended by the Banking Royal Commission – recommendation 3.9). See below for details. [Tax Month – January 2020]
By 28 January 2020, The taxpayer had appealed to the Federal Court against the decision in ACN 154 520 199 Pty Ltd (In Liq) v CofT, which was decided on 20 December 2019. See below for further detail [Tax Month – January 2020]
In Burton v CofT – taxpayer has applied to the High Court for special leave to appeal the Full Federal Court decision, denying him full foreign tax credits for US tax on a capital gain. See below for further details. [Tax Month – January 2020]
On 29 January 2020, the Australian Bureau of Statistics (ABS) released its CPI index numbers, which affect various taxation provisions. See below for further detail. [Tax Month – January 2020]
On 29 January 2020, the Commissioner issued an addendum to his ruling on ‘genuine redundancy payment’ concessions, for the amendments extending eligibility for this concession from age 65, to pension age (which can often be older than this). See below for further detail. [Tax Month – January 2020]
On 6 December 2019, the ATO uploaded a post, about the application of a still unlegislated Bill, to ‘significant global entities’ (SGEs) and modifications it proposes to make to the radically uplifted administrative penalties, that apply to SGEs. They concern subsidiaries, of ‘global parent entities’, which could be small and are already struggling with the…
On Friday 31 January 2020, The Tax Insitute’s Bob Deutsch published his weekly ‘Senior Tax Counsel’s Report, in Edition 3 of TaxVine – titled: The International Tax Scene – could it get even messier? This is a marvellous overview of the layers of complexity, currently involved in Australia taxing (or attempting to tax) international income or…
On Thursday 30 January 2020, APRA released its Policies Priorities and Supervision Priorities papers, with a Media Release to announce and summarise the thrust of these documents. They include a focus on APRA regulated superannuation funds. See below for the media release and likes to the APRA Priorities documents.