Where next for Australia’s tax system? How our tax system can help reboot prosperity for Australia – June 2020 (PwC Report)

The June 2020 PwC Report said its ‘Key Findings’ were – Australia entered 2020 with an economy growing slower than desired, but with public finances that were in a relatively strong position – low debt compared to most other advanced economies and a forecast Commonwealth budget surplus. See below for a further summary and the entire report. [Tax…

Treasury Laws Amendment (2019 Measures No 3) Bill 2019 – ATO guidance on commuting a market linked pension which is a capped defined benefit income stream ($1.6m Transfer Balance Account)

On Friday 19 June 2020, the ATO posted this guide on the application of the Treasury Laws Amendment (2019 Measures No 3) Bill 2019, which recently passed into law and provides a new way of calculating the debit, which arises in an individual’s transfer balance account when a member commutes a market linked pension which is…

ATO whistleblower documents re garnishee notices (2017 disclosure of ATO officer Boyle) – Senate Committee gives update report

On Thursday 18/6/2020, the Senate Economics Legislation Committee reported to the Chamber about its order on 18 September 2019 for the Commissioner of Taxation to provide the Committee with all documents relating to the whistleblower disclosure by former ATO employee, Mr Richard Boyle.

See below for further detail.

[Tax Month – June 2020]

GST withholding obligations, for purchasers of certain land – 30 June 2020 deadline for grandfathering of supplies under pre-1 July 2018 that haven’t settled by then

GST withholding obligations (by purchasers) have applied to the supply of certain land, since 1 July 2018, but pre-1 July 2018 contracts could now come within the net, as part of the transitional rules (‘grandfathering’ provisions) expires on 30 June 2020. On 4 June 2020, the Law Institute of Victoria warned their members, about this…