T a x T e c h n i c a l – M o n t h l y N e w s
– October 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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Federal Budget (2022-23)
- Australian Labor Budget (25.10.22) – Business Tax Issues – off-market share buybacks, intangibles, low emission car exemptions, Covid benefits NANE
- Australian Labor Budget (25.10.22) – Superannuation – CGT ‘down-sizer’ relief extended; Age pension means test relief
- Australian Labor Budget (25.10.22) – International Tax – Thin cap (EBITDA); low tax intangibles; multinational transparency; crypto tax treatment; Iceland Treaty; Bhutan diplomatic exemptions
- Australian Labor Budget (25.10.22) – Tax Administration – added scrutiny: multinationals, large public businesses, private businesses, black economy, personal income tax, tax agents, business registers, directors identification numbers
- Australian Labor Budget (25.10.22) – ABUMs & DGR – AXED: TOFA changes; limited partnership CIVs; 3 yearly SMSF audit; $10k cash payments limit; no DGR for Chaplains – DEFERRED: SMSF relaxed residency – DGR for Indigenous constitutional recognition
Cases
High Court
- Bosanac v Commissioner of Taxation – Wife of taxpayer succeeds – High Court clarifies the ‘presumption of advancement’
- High court backs woman against ATO claim on home – not so much because of the 15th-Century presumption
Rulings
Practical Compliance Guides
Other Developments
Miscellaneous
ATW – Australian Tax Week (CCH); LTN – Latest Tax News (Thomson Reuters); TaxVine – The Tax Institute weekly email.