T a x T e c h n i c a l – M o n t h l y N e w s
– September 2018 Developments –
This is a collection of developments in Australian tax law and practice that occurred in September 2018
which aims to be relevant to tax practitioners.[i]
Compiled By
F John Morgan
A member of the Victorian Bar (www.FJMtax.com)
Table of Contents
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You are free to use this material, provided you include a link back to the article on this site.
Legislation
Acts etc.
- Treasury Laws Amendment (Tax Integrity and Other Measures) Bill 2018 becomes law – MAAL extended to foreign trusts and partnerships; additional ‘Small Business CGT Concession’ conditions for CGT events affecting shares and interests in trusts
- Omnibus Treasury Laws Amendment Bill 2018 introduced: Thin cap; R&D Tax Incentive; GST turnover includes online hotel bookings; Significant Global Entity (SGE) definition
- Treasury Laws Amendment Foreign Investors Bill 2018 introduced – Stapled structures/MIT income; thin cap changes; super funds for foreign residents; limiting sovereign immunity tax exemption
- Treasury Laws Amendment (2018 Measures No 5) Bill 2018 introduced – AMIT technical changes; update the list of DGRs and add indigenous language promotion; IP licensing subject to restrictive trade practices law
- Treasury Laws Amendment (Black Economy Taskforce Measures No 2) Bill 2018 – deductions for wages etc denied if PAYG amounts not withheld; reporting obligation for contractor payments in the road freight, IT, security, investigation or surveillance industries
- Treasury Laws Amendment (Accelerated Depreciation for Small Business Entities) Act 2018 – 12 month extension of $20,000 instant asset write-off (to 30 June 2019) now law
Announcements
- Labor’s plan to abolish refunds of excess franking credit tax offsets – effectively referred by the Government, to a Committee it controls, to report on the implications & consequences of this proposal
- Deductibility of tax-free allowances for travel to ‘tax havens’ & notice of ‘foreign citizenship’ to the ATO, for everyone (justified by ‘citizenship for sale’ in tax havens) – to be attacked by Labor
Cases
High Court
Full Federal Court
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Federal Court
Administrative Appeals Tribunal (AAT)
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)
Cases (GST)
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Rulings, Etc. (GST)
Superannuation
Legislation etc. (Super)
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Cases (Super)
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Rulings etc. (Super)
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State Taxes
Legislation & Announcements (State)
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Cases (State)
Rulings & Other (State)
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Other Developments
Australian Charities & Not-for-Profits Commission (ACNC)
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Base Erosion & Profit Shifting (BEPS)
- Ireland collects disputed €14.3b of Apple EU taxes ahead of appeal – after putting in place all the arrangements for the investment, custody and management of this massive sum
- EU 3% ‘digital’ turnover tax on ‘significant global (digital) entities’ a possibility – global annual turnover of €750 million and annual EU revenue of at least €50 million
Board of Taxation
- HMRC’s adoption of a ‘statutory rules test’ for residency of individuals – notes of Board of Tax call in October 2016 (released now under FOI)
- Board of Tax’s Consultation Paper on new ‘residency’ rules for individuals – Primary (count the days) Test; Secondary (5 factor Australian ties) Test & various ‘integrity’ approaches – none great
Inspector General; National Audit Office, JCPAA
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Miscellaneous
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Tax Practitioners Board
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[i] Sources – abbreviations: ‘KPMG’: KPMG Daily Tax News; ‘LCA’: Law Council of Australia; ‘LTN’: Latest Tax News (Thomson Reuters); ‘Sievers’: Chris Sievers’ GST post (www. http://chrissievers.com); ‘TBA’: Tax Bar Association Newsletter; ‘TaxVine’: The Tax Institute’s ‘TaxVine’.