Tax Month – May 2021

T a x  T e c h n i c a l  –  M o n t h l y  N e w s

– May 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

• Victoria’s snap 7-day ‘Stage 4’ Covid-19 Restrictions (nothing to do with tax but see the source document here)
• Effect of Victoria’s May 2021 ‘snap’ Covid lockdown on legal work and the Courts’ business

Legislation

Acts & Bills

• 2021-22 Budget: Treasurer “committed to” Stage 3 tax cuts (30% out to $200k) and excise refund cap to be tripled to $350k, for small brewers and distillers
• Further insolvency reforms – insolvent trusts, insolvent trading ‘safe-harbour’; moratoriums whilst negotiating schemes of arrangement; and increase in ‘statutory demand’ threshold
• Private Health Insurance rebate percentages frozen to 2023: Private Health Insurance Amendment (Income Thresholds) Bill 2021 introduced

Announcements & Drafts

• Small business (sub-$10m turnover) will be able to pause disputed ATO debt recovery actions by applying to the AAT (Small Business Division)
• Digital games tax offset and Govt Digital Economy Strategy announced ahead of Federal 2021-22 Budget

Cases

High Court

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Full Federal Court

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Federal Court

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Administrative Appeals Tribunal (AAT)

• Spencer v CofT – AAT significantly reduced the amount of work-related expenses the taxpayer could deduct

Other Courts & Tribunals

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Appeals

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Rulings

Decision Impact statements

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Rulings

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Determinations

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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)

• Proxy advisers and super funds to be more accountable for advice given and resulting voting decisions – Government proposals and Consultation Paper released
• Business backs Frydenberg’s ‘Sensible’ proxy advice measures – Proxy advisers associated with Super Funds squealing about the need to be independent

Cases (Super)

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Rulings etc. (Super)

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State Taxes

Legislation & Announcements (State)

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Cases (State)

• Vic land tax: University of Melbourne v Comr of State Revenue – University land used to provide student accommodation, through a commercial ‘builder operator’ exempt – charitable exemption still applies
• NSW landholder duty – SPIC Pacific Hydro Pty Ltd v Chief Comr of State Revenue – duty payable on acquisition of group with interests in leasehold land after considering ‘tenants fixtures’

Rulings & Other (State)

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Other Developments

Australian Charities & Not-for-Profits Commission (ACNC)

• National Charities and Not-for-Profits – a round up of challenges and reforms

Base Erosion & Profit Shifting & OECD

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Board of Taxation

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Inspector General and other external supervisors

• When is the Commissioner of Taxation required to give a taxpayer reasons? – An article by the Inspector General and Taxation Ombudsman

Miscellaneous

• A ‘blueprint’ for wasting less time and money on individual’s tax returns – standard ‘work related expense’ deductions (with an option to claim more if you can)

Tax Articles

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Tax Practitioners Board

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