Victorian Pandemic Bill causes major concern and misrepresents consultation with the Victorian Bar (not tax but … )

Over the past 24 hours, the Victorian Bar has become aware of a bill to amend the Public Health and Wellbeing Act 2020 (PHW Act) in respect of, amongst other things, pandemic management. The Public Health and Wellbeing Amendment (Pandemic Management) Bill 2021 (Bill) has been made available on the Parliament of Victoria website only this…

House of Reps Committee’s report into ATO administration – includes recommendations for some interesting tax law changes

On Tuesday 26.10.2021, the House of Representatives Standing Committee on Tax and Revenue released a report entitled 2018-19 Commissioner of Taxation Annual Report. The terms of reference were that the Committee was to inquire into and report on the ATO’s 2018-19 Annual Report – however, the report’s recommendations are focused on the administration of the…

New Victorian tax – 50% ‘windfall gains tax’ on rezoning – up to 100% deferrable for up to 30 years – secured as a first charge on land

Windfall Gains Tax and State Taxation and Other Acts Further Amendment Bill 2021   Victoria Legislation 12/10/2021   On Tues 12.10.21, the Victorian Treasurer issued a media release summarising the Bill he was about to introduce to enact the proposed windfall gains tax. It also summarised the Bill. It will (broadly) be a 50% flat tax on…

Victoria: ‘Build to Rent’ – 50% land tax and other concessions extended – developments finished by 31 Dec 2031

On 12.10.21, the Premier of Victoria issued a media release extending and modifying previously announced measures to encourage investment in rental properties. Eligible Build-to-Rent developments completed and operational between 1 January 2021 and 31 December 2031 will receive both the 50% land tax discount and full exemption from the Absentee Owner Surcharge (AOS) for up to 30 years from…

Board of Taxation’s (BoT) review of the application of the ‘new’ GST measures applying to low-value imported goods – GST Committee reflects

  BoT review of GST on low-value imported goods On 5 July 2021, the Federal Government announced that the BoT would undertake a review of the application of GST to low-value imported goods; rules that have been in place since 1 July 2018. Consultations took place in August and September of this year and the…

The digital and crypto asset industry- Senate committee’a report makes recommendations including CGT and other tax changes

The Senate Select Committee on Australia as a Technology and Financial Centre delivered its third and final report on 20 October 2021. The Committee took evidence from businesses, industry groups, academics and regulators in relation to the regulation of digital assets in Australia, “de-banking” practices affecting Australian FinTechs and other businesses, and several other issues relating to Australia’s…

GST – Commissioner appeals the STNK gold refining case despite winning the substantive ‘GST-free’ refining issue (to establish Div 165 ‘anti-avoidance’ also)

The Commissioner has appealed to the Federal Court from the AAT decision in STNK and FCT [2021] AATA 3399. The Taxpayer lost the substantive part of the review, but the Tribunal found that the ‘anti-avoidance’ provisions in Div 165 of the GST Act did not apply. It is this aspect of the case that the…

Global Citizen case – ACNC won’t appeal AAT finding that it was entitled to be registered as a PBI case (entitled to deductible donations)

The ACNC has said that it will not be appealing against an AAT decision last month confirming that Global Citizen Ltd is entitled to be registered as a charity under the public benevolent institution (“PBI”) subtype. Global Citizen was registered as a charity under the advancing education subtype, but it wanted to be registered under…

PCG 2020/3 (updated) – Working from home deductions: “shortcut” 80c/hr rate now available in 2021-22

Once again the ATO has extended – this time from 30 June 2021 to 30 June 2022 – the application of the “shortcut” rate set out in Practical Compliance Guideline PCG 2020/3 for claiming work-from-home running expenses. The latest extension means eligible taxpayers can claim additional running expenses incurred between 1 March 2020 and 30 June 2022 at the rate of $0.80 per work hour,…