ATO draft ‘Legal Professional Privilege ‘Protocol’ for claiming privilege (‘overreach’ or not) – LCA Submission

On 19 November 2021, the Law Council of Australia released the submission it made to the ATO about the draft it released, of its ‘protocol’ for taxpayers and/or their advisers, to claim ‘Legal Professional Privilege’ (LPP). The ATO invited feedback on the draft, which the LCA was giving. The draft Protocol was controversial for many…

Steer v AMP – Super trustee breached duty to deceased member in cancelling life insurance under ‘opt-in’ requirements – emailed notice never received

The SA District Court has ruled that a superannuation trustee breached its duty to act in the best interest of a deceased member as it failed to give proper notice of the proposed cancellation of her life insurance benefits. The applicant, as the executor for the estate of the deceased member, made a claim for $259,721…

Instrument to extend Director ID transition period, for new directors, to match existing directors – 4 Nov 2021 to 30 Nov 2022

The Government registered 2 legislative instruments on 29 April 2021 relating to the director identification regime, extending the time directors need to register so that it is now form 4 April 2021 to 30 November 2022 – beware, this is all current and future directors. See below for further details. [Tax Month – April 2021]    …

Qld to abolish transfer duty on small business restructures

In his press conference releasing the Qld Government’s COVID-19 Fiscal and Economic Review on 7 September 2020, Queensland Treasurer Cameron Dick announced that he intends to “abolish” transfer duty for small businesses who wish to restructure for efficiency. He said: “… the government will abolish, we will abolish transfer duty when eligible small businesses restructure to reduce…

COVID-19: Government’s 2nd tranche $66b stimulus package – tax free payments of 50% of PAYGw on wages; $550 per fortnight job seeker supplement; SME loan relief; debt distress protection; up to $10k this year and $10k next year (this tranche might actually help…)

On Sunday 22 March 2020, the Government announced an additional $66.1bn economic stimulus package in response to the coronavirus (COVID-19). This second package includes a $550 per fortnight supplement for job seekers (doubling the current payment), a further $750 stimulus payment for pensioners, cash flow payments up to $100,000 (minimum $20,000) to SME employers and…

2020-21 Federal Budget deferred to 6 October 2020 – too much financial and budgetary uncertainty with COVID-19 right now

On Friday 20.3.20, the Prime Minster today announced that the 2020-21 Federal Budget will be deferred until Tuesday 6 October 2020 (instead of May 2020 as originally scheduled) given the ongoing uncertainty surrounding financial forecasts. Mr Morrison said he has spoken to the Leader of the Opposition, and thanked him for his support of these arrangements. [Tax Month –…