A taxpayer has been refused an extension of time to lodge objections as he would have little prospect of success. See below for further details. [Tax Month – July 2021] The Facts were these. The taxpayer’s duties required him to travel to, and stay overnight at, various locations in rural Queensland. He was…
This article has a round-up the Federal Legislative Tax Program as at 29 July 2021 including Acts, Bills, exposure drafts, consultations, reviews and ATO guidance. See below for further details. [Tax Month – July 2021] The attached round-up covers the following. Key Acts enacted prior to December 2020 Key Acts enacted since December…
The Federal Court has ruled that Tidswell Financial Services Ltd breached s 912A(1)(a) of the Corporations Act 2001 by failing to act efficiently, honestly and fairly when providing financial services under its AFS licence in relation to a super fund by outsourcing and failing to prevent misrepresentations. See below for further details. [Tax Month – July…
ASIC has commenced civil penalty proceedings in the Federal Court against six companies that are, or were, part of the AMP Limited group, alleging these entities charged fees to 1,500 customers, for no service on corporate superannuation accounts, collecting over $600,000. See below for further details. [Tax Month – July 2021] ASIC sues…
There are technical questions that arise, for the NSW Covid lockdown relief (and for other States & Territories, with their equivalent benefits) – things like ‘aggregate annual turnover’; ‘decline in turnover’; ‘maintain employee headcount on 13.7.21’; ‘NSW weekly payroll’ and ‘total annual Australian wages’. There is guidance on this and it’s improving – but it’s…
There has been a quick succession of improvements in the level of, and eligibility for, COVID support packages for lockdown affected individuals and businesses – funded Federally, for individuals and jointly by the affected State/Territory and the Federal Government. The serious and extended lockdown in NSW, then a shorter one in Victoria (the two biggest…
The NSW Government, on Wed 28.7.2021, announced changes to a key support measure for businesses impacted by the ongoing lockdown. The changes, for business, affect what the NSW Government terms its JobSaver package. This was a companion announcement, issued on the same day, as the one issued by the Federal Government, of their increased support for individuals (see related…
The PM and Treasurer released a joint media release on Wed 28.7.2021, stating “increased financial support for hundreds of thousands of workers in New South Wales will be available from next week as part of the Commonwealth Government’s expanded national COVID-19 Disaster Payment”. See below for further details. [Tax Month – July 2021] …
This article reprises, the 2021 Federal Budget proposal, to implement the Board of Taxation’s recommendations, to restructure the tax ‘residency’ tests for ‘individuals’, as a precursor for the Law Council’s July 2021 submissions, to Government, about the modifications, to the Board’s recommendations, that are needed (see relevant TT article). See below for further detail [Tax…
The Law Council of Australia (LCA) made a submission, dated 5 July 2020, to the Assistant Treasurer, about the announcements, in the 2021 Federal Budget, that the Government will move to change the ‘residency’ test, for ‘individuals’, based on the 2019 recommendations from the Board of Tax (see related TT article). The submission suggests various…