Category Archives: Tax Month – March 2021

Victoria Power Networks Pty Ltd v CofT – ATO Decision impact statement – customer connection contributions to Electricity Distributors and their rebates to customers

The ATO has issued a decision impact statement on Victoria Power Networks Pty Ltd v FCT [2020] FCAFC 169 (see earlier TT article). This upheld the earlier decision of Moshinsky J in the Federal Court (same parties) [2019] FCA 77 – holding that contributions, customers made to Distributors, were ‘ordinary income’ but the Court changed…

Income Tax Assessment (1997 Act) Regulations 2021 registered and commence 1 April 2021 – replacing the ‘sunsetted’ 1997 Regulations

On 2 March 2021 the Assistant Treasurer made, and on 4 March 2021 the following regulations were registered on the Federal Register of Legislation – Income Tax Assessment (1997 Act) Regulations 2021 & the Treasury Laws Amendment (Income Tax Assessment Repeal and Consequential Amendments) Regulations 2021. The latter (the ‘Repeal’ Regs) repealed the ITA Regs 1997 that…

PCG 2021/D2 – Allocation of professional firm profits – ‘exposure draft’ finally released – ATO says same three factors still apply

On Monday 1.3.2021, the ATO released a DRAFT Practical Compliance Guideline PCG 2021/D2: Allocation of professional firm profits – ATO compliance approach. The Guideline explains how the ATO intends to apply compliance resources when considering the allocation of professional firm profit or income in the assessable income of the individual professional practitioner (IPP). The Law…

Tax Month – March 2021

T a x  T e c h n i c a l  –  M o n t h l y  N e w s – March 2021 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 ______________________________________________________________________________ COMPILING…