The Law Institute of Victoria made its own submission to the independent review of the Tax Practitioners Board and its enabling legislation, saying that it was concerned that tax agents appeared to be breaching the prohibition on unqualified legal practice. They did so in terms parallel to my own submission, about this same problem [see…
On 3 May 2019, a notice was published in the Federal Government Gazette (C2019G00400) specifying the repayment incomes and repayment rates for the Higher Education Loan Program (HELP) for the 2019-20 income year. It has been made under the Higher Education Support Act 2003. The minimum repayment income for the 2019-20 income year is $45,880. See…
At The Tax Institute’s March 2019 National Convention, in Hobart, Michael Butler CTA, of the law firm: Finlaysons, delivered his paper entitled: Section 100A: When is a dealing between members of a family not in the course of ordinary family dealing? Extract 1 Introduction This paper will examine a question that is simple to ask,…
Invalid objections to GST private rulings? It is my pleasure to present this week’s preamble while Bob takes a well-earned break. Late last year, The Tax Institute raised an issue with the ATO in relation to objections to GST-related private rulings. The issue concerned the interpretation of subsection 359-60(3) of Schedule 1 to the…
On 14 September 2018, Treasury released a document, under Freedom of Information law, relating to a Board of Tax Residency call it had with UK HM Revenue and Customs (HMRC) in October 2016 relating to English change to ‘Statutory Rules Test’ for residency of individuals. I have reproduced the document, in full, below, for historical reference. FJM…
By Pointon Partners – June 21, 2018 [FJM 22.7.2018] A Bill to enact the OECD BEPS Measure 15 – the Multilateral Instrument (MLI), in Australia: the Treasury Laws Amendment (OECD Multilateral Instrument) Bill 2018, was introduced into our Lower House, on 28 March 2018. At that time the Government hoped that it would become law before the…
On 26 Feb 2018, the ATO updated their page ‘ ASIC approved auditors of SMSFs (Self Managed Superannuation Funds) which are by far, the greatest number of funds, and which hold a very substantial share of the overall pool of superannuation assets. Approved SMSF auditors do have a critical role in maintaining the health and…
The ATO has issued a Decision Impact Statement on the Full Federal Court decision in Cable & Wireless Australia & Pacific Holding BV (in liquidatie) v FCT [2017] FCAFC 71, which held that an off-market share buy back receipt was a ‘dividend’ to the overseas recipient and that and the withholding tax paid was correctly paid…
Following our announcement on 9 November 2017 on when self-managed super funds (SMSFs) need to report events affecting their members’ transfer balance, we have developed this article you can use as a quick reference guide. The ATO put out this guidance on 5 Dec 2017. Events you need to report You only need to report events…
The Federal Court has dismissed a taxpayer’s claim to have a default assessment matter remitted to the AAT for rehearing. In April 2012, the Commissioner issued default assessments under s167 of the ITAA 1936 to the taxpayer based on his failure to lodge returns in respect of the 2003, 2004, 2005 and 2006 income years. In total,…