In late June 2022, the ATO updated its website on the tax implications of ‘Crypto’ transactions. It said that there are no special tax rules for this type of asset or transactions, but it is (for me, at least) interesting to know more about this digital form of currency, it’s use as an investment, and…
The High Court has dismissed an appeal from the WA Court of Appeal and ruled that reg 6.17A of the SIS Regs does not apply to self-managed superannuation fund (SMSFs), and therefore clauses in an SMSF’s deed operated as a binding death benefit nomination (BDBN). In the process the High Court made it clear the…
On 15 June 2022, the High Court unanimously dismissed an appeal from a decision of the Court of Appeal of the Supreme Court of Western Australia concerning the operation of reg 6.17A of the Superannuation Industry (Supervision) Regulations 1994 (Cth) [SISR]. That regulation relevantly prescribed standards for how a member of a regulated superannuation fund is…
The NSW Court of Appeal has held that the Commonwealth (in effect the ATO) was not required to disclose protected information to a company (with Administrator appointed) was suing the Commonwealth to recover money paid by a shadow director to satisfy his tax debts in breach of his fiduciary duties which the Administrator alleged the…
The AAT has confirmed that a special dividend paid by BHP was assessable in the taxpayer’s hands. The taxpayer was self-represented and a shareholder in BHP Group Limited. Following the sale of some of its onshore US assets and an off-market share buy-back, BHP decided to pay a special dividend, representing the residual US$5.2 billion net…
The Federal Court has ruled that a lecturer engaged by a company to provide higher education courses was an “employee” for Super Guarantee purposes, and not an independent contractor, as his right to sub-contract the teaching services was limited and required consent. This case considers the ordinary meaning of ’employee’ issues recently decided by the…
Superannuation calculators and retirement estimates may involve personal financial advice. ASIC gives class order relief from Australian financial services (AFS) licensing and personal advice requirements in the Corporations Act 2001 for providers of these tools. The new relief for superannuation calculators and retirement estimates is set out in ASIC (Superannuation Calculators and Retirement Estimates) Instrument 2022/603.…
The ATO and the Integrity Commission issued a joint media release on 5.7.22 saying that two individuals – one a former ATO employee and the other, the person alleged to have paid a bribe, faced Parramatta Local Court on 5 July 2022 in relation to alleged corruption offences as part of Operation Barker (the ‘Integrity Commission’…
T a x T e c h n i c a l – M o n t h l y N e w s – July 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 ______________________________________________________________________________ …