Treasury Laws Amendment (Putting Members’ Interests First) Bill 2019 – require insurance, in superannuation funds, be provided on an opt-in basis for: (i) account balances less than $6,000; and (ii) members under 25 years old

The Government introduced the Treasury Laws Amendment (Putting Members’ Interests First) Bill 2019  on 4 July 2019, to effect amendments that would require insurance, in superannuation funds, be provided on an opt-in basis for: (i) account balances less than $6,000; and (ii) members under 25 years old – commencing on on or after 1 October 2019. See related Tax Technical article…

Treasury Laws Amendment (2019 Tax Integrity and Other Measures No 1) Bill 2019 – No CGT concessions for Everett Assignments; no circular trust distributions; limit deductions for vacant land; disclose tax debts; salary sacrifice not for SGC

On 24 July 2019, the Government introduced the Treasury Laws Amendment (2019 Tax Integrity and Other Measures No. 1) Bill 2019 which: limits Small Business CGT concessions on ‘Everett assignments; extends the ban on ‘circular trust distributions; limits deduction on vacant land; prevents employers treating ‘salary sacrifice’ employer contributions being used as SG contributions and authorising…

Hayne breaks silence to back Samuel APRA verdict – he supports all its recommendations for APRA (just get on with it…)

On 22 July 2019, the Australian Financial Review (AFR) published an article  describing how, the financial services Royal Commissioner: Kenneth Hayne had added to the concern that Wayne Byres’ attitude, smacked of a tin ear to some of the criticisms made about the regulator in Graeme Samuel’s capability review. It gives fascinating insight into APRA’s own…

Treasurer straightened out APRA after it baulked at implementing 2 of the Samuel Review’s recommendations – director vetos & CBA style inquiries

On 19 July 2019, the Australian Financial Review (AFR) published an article entitled ‘APRA told to just get on with it’ – relating how the Treasurer had persuaded APRA’s Wayne Byers to reaffirm its commitment to implementing all 19 of the Samual Capability Review, which were directed at it. Byers had wavered, saying it was…

APRA drops the ball on super – concludes the Graeme Samual lead APRA Capability Review

On 16 July the Australian Financial Review (AFR) reported that the The APRA Capability Review, led by Graeme Samuel, found the regulator was slow and reluctant to properly scrutinise the super sector and has recommended new approaches to leadership, analysis and resourcing to protect the growing pool of retirement savings. See below for further details FJM…

DCT v Lim – Director Penalty Notices (DPNs) for Company Superannuation Guarantee (SGC) shortfall validly served on company director – summary judgement given

On 26 July 2019, the District Court of Western Australia gave summary judgement in favour of the Deputy Commissioner of Taxation, in an action to collect amounts from an unrepresented person under the Directors Penalty Notice (DPN) proceedings. See below for details. FJM 6.8.19 [Tax Month – August 2019]

Should lawyers have to report ATO ‘Promoter Penalties’ activity to their legal regulator – a line by line analysis of the ATO’s reasons

In another Tax Technical article, I reported on the ATO proposal to amend the Legal Profession Uniform Law to require lawyers to disclose any action by the ATO against them, under the promoter penalties provisions in Division 290 of the Taxation Administration Act 1953 (TAA53). This includes the proposal itself. The ATO made about 2…

ATO proposal that lawyers must report Promoter Penalties involvement to their regulator – TASA parity or ‘over-reach’ – good policy or bad?

On 25 June 2019, the ATO made a submission to the Legal Services Council, that the Legal Profession Uniform Law be amended, to oblige affected lawyers, to disclose any involvement with the ‘Promotor Penalties Provisions’ in Division 290 of the Taxation Administration Act 1953 (TAA53), as a reportable ‘show cause event’ – putting their practising certificate…

Moreton Resources Limited v Innovation and Science Australia – pilot plants can be relevantly ‘experimental’ for R&D tax offset purposes

On 25 July 2019, the Full Federal Court made an important decision about Division 355 of the ITAA 1997, which sets out the requirements for a Research and Development Tax Offset. In essence it decided that a pilot plant could be relevantly ‘experimental’ and satisfy the requirements for the offset. See below for a summary…