Tax Month – November 2022

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

– November & December 2022 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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Legislation

Announcements & Drafts

• Public Beneficial Ownership Register for 3 million entities – Treasury Consultation on Labor plan (don’t be fooled, this is not just multinationals, despite how it’s billed

Cases

Administrative Appeals Tribunal (AAT)

• FYMS v CofT – ATO not required to produce documents referred to in the audit report – external legal advice & documents from the Crime Commission and Confiscation Taskforce
• Moreton Resources Ltd v Industry Innovation and Science Australia – ‘pilot plant’ was relevantly ‘experimental’ and remediating the failed plant was ‘supporting R&D activities’

Case Summaries

• Tax Case Summaries – December 2022
• Tax Case Summaries – November 2022

Rulings

ATO news or statements

• Latest 2019-20 ‘tax gaps’ published by ATO – how they are constructed, what they say and what they can teach us
• Lawyers excluded from ATO advice service for ‘tax agents’ – lawyers professional indemnity insurer takes a stand

GST 

Cases (GST)

• DIS on Decleah: ‘GST margin scheme’ valuations (of pre-GST land) nee only be determined by an ‘approved’ method (not be the ‘correct’ value)
• Chami v CofT – GST refund denied – no evidence taxpayer was carrying on an enterprise

Superannuation

Miscellaneous (Super)

• Debate on the ‘purpose’ of superannuation is really a stalking horse for reducing superannuation concessions if not capping fund size as well
• APRA issues Discussion Paper on measures to require RSEs to be prepared for member transfers into or out of their funds

State Taxes

Legislation & Announcements (State)

• NSW: First Home Buyer Choice Bill receives assent – ‘choice’ to pay either full (upfront) transfer duty or a smaller annual payment – up to $1.5m (or vacant land up to $800k)

Cases (State)

• NSW Payroll Tax – E Group Security case – ‘UNSW Global’ principles for establishing the scope of the ’employment agency contract’ definition upheld in NSW Court of Appeal

Other Developments

Board of Taxation

• Digital Assets (including Crypto Currency) – Review of the Tax Treatment by the Board of Taxation
• Board of Taxation consults on the treatment of digital assets – Paper issued
• LIV submission to the BoT on the appropriate Tax Treatment of Digital Assets and Transactions in Australia

Tax Articles

• Director Penalty Notices (DPN) – nasty provisions making directors personally liable for a worrying range of their company’s tax-related liabilities than you might think (check first, before agreeing to be a director)

Tax Practitioners Board

• Worsley v Tax Practitioners Board – Tax agent failed to comply with tax laws in relation to his own affairs for 3 years – registration terminated (though it doesn’t say for how long)

 

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ATW – Australian Tax Week (CCH); LTN – Latest Tax News (Thomson Reuters); TaxVine – The Tax Institute weekly email.