A taxpayer has failed to satisfy the AAT that various bank deposits totalling almost $853,000 over a 3-year period were not assessable income. The taxpayer had interests in various businesses operated through 3 companies, including a café, a bar and restaurant, a boat importing business and a tyre franchise. An audit of the taxpayer disclosed unexplained…
The Federal Court has ordered Colonial First State Investments Limited (FirstState) to pay a civil penalty of $20 million for misleading members in relation to MySuper. FirstState’s conduct was the subject of a case study by the Banking Royal Commission. The Court previously declared CFSIL, as trustee for the Colonial First State FirstChoice Superannuation Trust,…
ASIC has today issued a notice and guidance to help listed entities comply with their new obligation to disclose information about Jobkeeper payments to the market. New Jobkeeper obligations commenced on 14 September 2021, requiring all listed entities that received Jobkeeper payments to give a notice to the relevant market operator outlining: the listed entity’s…
On Friday 15.10.2021, our Federal Treasury released a consultation paper entitled Clarifying the application of corporate trusts in insolvency. Following insolvency reforms which came into effect on 1 January 2021, the Government is now exploring further insolvency reform where the treatment of trusts under corporate insolvency law has been identified as one area for improvement. The Government…
ASIC has further extended its temporary COVID-19 relief for financial advice with the ASIC Corporations(Amendment) Instrument 2021/848. The Record of Advice (RoA) relief has been extended until 15 April 2022 to allow financial advisers to continue to provide a RoA, rather than a statement of advice (SoA), to existing clients requiring financial advice due to COVID-19. ASIC has…
On 14.10.21, Treasury has released the Exposure Draft – Treasury Laws Amendment (Corporate Insolvency Reforms Consequentials) Regulations 2021 proposing to make consequential amendments to support the insolvency reforms that commenced on 1 January 2021. The corporate insolvency reforms support small businesses by reducing the costs of external administration and the compliance burden for insolvency practitioners. The purpose of the…
On Thursday 14.10.2021, the ATO released Draft TD 2021/D5 Income tax: when are you genuinely restricted from immediately disposing of an interest provided under an employee share scheme? It addresses the operation of the deferred taxing point rules for rights obtained under an employee share scheme (“ESS”). Under Div 83A of ITAA 1997, amounts relating to…
On Wed 13.10.202], the ATO issued 3 Draft Determinations to assist mainly large businesses in applying the aggregation rules in Subdiv 328-C ITAA 1997 (meaning of small business entity). These rules form part of the aggregated turnover test, used to determine eligibility for a range of tax concessions. Draft TD 2021/D2 – considers how the aggregation rules…
On Wed 13.10.2-21, the ATO issued TD 2021/7, which considers the operation of the aggregated turnover test in Subdiv 328-C ITAA 1997 (meaning of small business entity) where a connected entity or affiliate has a different accounting period to the taxpayer calculating its aggregated turnover. The aggregated turnover test (s 328-115) is used to determine…
Services Australia has advised that COVID-19 Disaster Payments are phasing out in the ACT and NSW. This is because the vaccination rate in the 2 jurisdictions has reached 70%. As of 8 October 2021, 70% of people 16 years or older in ACT have had 2 doses of a COVID-19 vaccine. For individuals who claimed the payment in the ACT,…