On 12 March 2020, accounting firm: Pitcher Partners put out a Critical Point Network Bulletin reminding readers that the Superannuation Guarantee ‘Amnesty’ started on 6 March 2020 and runs for only 6 months (6 Sept 2020) and covers a very long period – 1 July 1992 and 31 March 2018 (from the inception of the…
On 12 March 2020, our Prime Minister: Scott Morrison announced the Government’s stimulus package, to support the economy, which is suffering the double blow of the bushfires and the ‘coronavirus’ (now known as CO-VID 19). It is a significant but is of little use to distressed businesses who don’t have the resources to invest extra…
On Friday 13 March 2020, The Tax Institute’s Senior Tax Counsel: Bob Deutsch published his weekly ‘Report’ in its newsletter: TaxVine (#9) entitled: TRANSFER PRICING – A simple topic; some complex solutions!. It is a simplified explanation of ‘transfer pricing’, which is a reference to a means by which multi-national groups can ‘transfer’ profits – by…
On Friday 13.3.20, the ATO Consultation Steering Group issued its ‘February 2020 Consultation Report’.
See below for the Report and a table of contents.
On 13 March 2020, the ATO posted an article saying the 2020 SMSF Annual Return will be available at the end of May 2020 and will include a number of label changes.
See below for details
On Thursday 12 March 2020, the ATO posted an article advising SMSFs that being more than 2 weeks late in lodging any annual return, and it hasn’t requested a deferral, it will change the status of the SMSF, on Super Fund Lookup (SFLU) to ‘Regulation details removed’.
See below for details.
On Thursday, 12 March 2020, the Ministers for the Department of Social Services (Ruston, Robert, Landry and Howarth) issued a Media Release announcing that the Social Security ‘deeming rates’ would be lowered by 0.5% (50 percentage points) – double the Reserve Bank’s 0.25% cut in interest rates on Tuesday 3 March 2020 (conceding there was…
On 11 March 2020, the ATO posted an article noting that the High Court had upheld its position that BHP was taxable on all of it’s share of the income from its marketing hub and welcoming that decision – BHP Billiton Limited v Commissioner of Taxation [2020] HCA 5 (see related TT article, also). The ATO makes some…
On Wed 11 March 2020, the High Court dismissed an appeal from a decision of the Full Court of the Federal Court of Australia – upholding CFC ‘attribution’ assessments on with whole of the Australian ‘dual listed’ entity’s share of the Marketing Hub ultimately owned by the Australian and UK dual listed entities. The High…
Last month I reported that an accountant had admitted submitting false invoices, and awaited sentencing. On 5 March 2020, the wash up of this became known and was reported in the Australian Financial Review, by Lisa Main (one of their reporters) under the heading: Ex-NewSat CEO convicted for $357,500 in fake invoices. The gist of this…