T a x T e c h n i c a l – M o n t h l y N e w s
– June 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
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COVID-19 related matters
- Court Procedures and other COVID restrictions in Victoria’s 4th ‘lockdown’ – week commencing Friday 11 June 2021
- Assessing the Federal Government’s fiscal policy response to the COVID-19 pandemic
- ‘Business interruption insurance’ applies to Covid-19 interruptions – at least one common exclusion doesn’t apply (High Court refuses Insurer’s application for leave to appeal)
Legislation
Acts & Bills
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Announcements & Drafts
Cases
High Court
Full Federal Court
- Uber Eats paid $400k to settle a $15k ‘unfair dismissal case that hinged on whether the rider was an ‘independent contractor’
- Peter Greensill Family Co Pty Ltd (Trustee) v CofT – Trustees assessed on capital gains distributed to foreign residents – taxpayers lose appeals in Full Federal Court
- Mussalli v Commissioner of Taxation – Prepaid rent for McDonalds stores not deductible – it was really for to acquire the right to operate the restaurants
Federal Court
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Administrative Appeals Tribunal (AAT)
- VNBM v CofT – scheme to obtain cash flow boost failed – $100k paid per week instead of previous $100 (to get maximum $50k benefit)
- Munkayilar v CofT – Work-related deductions disallowed but shortfall penalty reduced (because of tax agent error)
- Smith v CofT – Retired couple granted relief from paying most of those debts – despite pay paying out certain debts ahead of the ATO
Other Courts & Tribunals
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Appeals
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Rulings
Decision Impact statements
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Rulings
Determinations
Law Companion Rulings
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Class Rulings & Product Rulings
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ATO Interpretative Decisions
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Practice Statements
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Practical Compliance Guides
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Tax Alerts
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Other ATO news or statements
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GST
Legislation & Announcements (GST)
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Cases (GST)
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Rulings, Etc. (GST)
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Superannuation
Legislation etc. (Super)
- Treasury Laws Amendment (More Flexible Superannuation) Bill 2020 – $100k super NC contribution 3 year ‘bring-forward’ extended by 2 years, re-contributing COVID withdrawals and repealing the ‘excess concessional contributions charge’
- Treasury Laws Amendment (Self Managed Superannuation Funds) Bill 2020 – SMSF membership limit increased from 4 to 6
- Your Future, Your Super Bill passed with amendments – “stapled” single default accounts, a best “financial” interests duty for trustees and APRA benchmark testing of investment performance
Cases (Super)
Rulings etc. (Super)
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State Taxes
Legislation & Announcements (State)
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Cases (State)
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Rulings & Other (State)
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Other Developments
Australian Charities & Not-for-Profits Commission (ACNC)
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Base Erosion & Profit Shifting & OECD
- The Impact of Tax Havens – as seen through EU Public Country-by-Country Reporting data
- G7 Finance Ministers agree to tax reforms for major multinationals – tax in countries where they operate and minimum 15% tax
Board of Taxation
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Inspector General and other external supervisors
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Miscellaneous
- Deloitte settles partner age discrimination case for millions – ‘UberEats your heart out’….
- Should directors manage ESG (environment, social and governance) – ‘too right’, argues Gerry Bean in the Law Institute Journal
Tax Articles
- Year end tax planning Part 1 – Div 7A sub-trust arrangements maturing, new TFNs to ‘closely held trusts; ‘family trust elections’ & distributions; year end superannuation contribution issues for members and employers
- Year end tax planning Part 2 – Div 7A minimum payment ‘hardship’ relief; start of 25% corporate ‘base rate’; temporary ‘full expensing’ measures; and no deductions for holding costs on vacant land or travel expenses to inspect rental properties
- Year-end tax planning Part 3 — STP for family members; franking 26% to 25%; SGC 9.5% to 10%, no $450 pcm threshold; Super CCC $25k to $27k, NCC $100k to $110k; LMITO continues for 2022