Tax Month – October 2020

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

– October 2020 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

• What do the amendments to Victoria’s COVID-19 commercial leases and licences regulations mean for landlords and tenants?

Legislation

Acts & Bills

• Treasury releases draft miscellaneous tax and super amendments – ‘arms-length rules’, TOFA, Debt-Equity, Part IVC, TASA, segregated pension assets, SGC minima, early release NZ residents, super accounts in time to be audited
• Federal Budget 2020 – Economic Stimulus through a Gender Lens: Why the Budget Did Not Deliver
• Treasury Laws Amendment (2020 Measures No. 4) Bill 2020 introduced – Electricity large-scale generation refunds are NANE’ and SCT to AFCA transition measures

Announcements & Drafts

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Cases

High Court

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Full Federal Court

• Victoria Power Networks Pty Ltd v CofT – Partial victory on ‘uneconomic’ electricity connections – customer cash contributions assessable but customer transferred works not assessable as a ‘non-cash business benefit’

Federal Court

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Administrative Appeals Tribunal (AAT)

• Royal Wins Pty Ltd v Innovation and Science Australia – R&D activities not core activities – inadequate documentation

Other Courts & Tribunals

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Appeals

• Greensill to be heard concurrently with the appeal by N & M Martin – assets not ‘taxable Australian property’ distributed to non-resident beneficiary still subject to our CGT (under subdivision 115-C)

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

• Insights into foreign purchases and sales of residential real estate – the ATO wearing its FIRB ‘watch-dog’ role

GST 

Legislation & Announcements (GST)

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Cases (GST)

• Cooper & Oxley Builders Pty Ltd (in admin) atf Cooper & Oxley Builders Unit Trust v CofT – GST: company entitled to input tax credits rather than administrator

Rulings, Etc. (GST)

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Superannuation

Legislation etc. (Super)

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Cases (Super)

• Purcell v CofT – No ATO discretion to remit ‘associated earnings’ on excess non-concessional superannuation contributions (under subdivision 97-B of the TAA53)

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

• Multi-lateral Instrument (MLI) – ATO updates its webpage for latest Synthesised Text for ‘covered’ DTAs
• OECD/G20 Inclusive Framework on BEPS invites public input on the Reports on Pillar One and Pillar Two Blueprints

Board of Taxation

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Inspector General and other external supervisors

• IGTO’s annual report for the financial year 2019-20 – 2,775 Complaints and 3 current reviews

Miscellaneous

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Tax Articles

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Tax Practitioners Board

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